FESALOS VISION AND MISSION STATEMENTS
Savings and Loan Societies are also known as Credit Union in some other countries and are formed by groups of people, such as public servants, factory workers or village people who save their money together in a common fund. From this fund loans are made to members at reasonable rates on interest for a wide range of provident and productive purposes. Only members can borrow from a Society. Each society and its funds are actually controlled by its members who elect office bearers to run the Society.
The Federation of Savings and Loan Societies Limited is a national organization formed by Savings and Loan Societies throughout Papua New Guinea. The Federation provides certain services and assistance to its affiliated Societies. The Federation also promotes new Savings and Loan Societies. Membership of the Federation is voluntary and the Federation is guided by Directors elected from societies throughout Papua New Guinea.
“A dynamic and innovative Savings & Loan movement committed to the economic advancement and social empowerment of all Papua New Guinea people”
“To support and strengthen Savings & Loan Societies to improve the financial, social and other life skills of their members”
3 Key Areas of SERVICES provided by FESALOS
- Voice of the movement through advocacy and represent the cause of the movement with the regulator (BPNG) and other stakeholders to ensure the member societies remain relevant and sustainable.
- Provision of Management Information System (MIS) through an establish IT Bureau that caters for the management and processing of societies data and information so they can comply to the information and reporting needs of their boards and the regulator.
- Facilitation of specific training needs of member societies through collaboration with domestic and international partners and stakeholders through workshops and training programs.