Launching of Tisa Community Finance

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1971

Today marks another important milestone in the history and evolution of Teachers Savings and Loan Society Ltd, commonly known as TISA


Source: MEDIA PARTNERS

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Gabriel Tai, Chairman, Board of Directors of Teachers Savings & Loans Society Limited giving his speech

The Teachers Savings and Loan Society Limited recently launched the Tisa Community Finance Ltd as part of the Society’s efforts to give members the opportunity to have access to a broader range of financial solutions at affordable interest rates.

The Company is a wholly-owned subsidiary of the Society and the members of the Society are the beneficiaries.

Below is a summarised speech of the Chairman of the Society.

  • Acknowledge the presence of invited guests, Fellow Directors, management of
    Teachers Savings and Loan Society Ltd
  • Today marks another important milestone in the history and evolution of Teachers Savings and Loan Society Ltd, commonly known as TISA, towards better serving its Members and the general population of Papua New Guinea.
  • Ladies and gentlemen, what you are about to witness tonight has its origin back to some good 8 years ago when Members of TISA expressed their desire for TISA to provide additional finance solutions at an affordable price.
  • These sentiments and desire continued to be expressed by our Members in every annual general meeting we have had since 2009 because  they continue to suffer the high interest rates charged by banks and financial institution. We also believe that many Papua New Guineans are experiencing similar difficulties as our members.
  • In our role as custodians and responsible leaders of an organisation owned by people, directed and managed by Papua New Guineans and we as the Board and Management acknowledged and accepted the challenges of the ‘Present and the Future’ needs of our Member.
  • We have  therefore taken full advantage of the ‘Present’ opportunities to re-define our strategies and plans for the future to ensure that TISA continues to deliver services at the levels that our Members expect and demand from us.
  • Ladies and Gentlemen, Our many years management and operational experience as a Savings and Loans Society in striving to better serve our Members has prompted us take this strategic direction which will be launched tonight.
  • We want to take full advantage of the opportunities made available by the presence of 16 TISA branches, including the Head Office that re currently in operation with a modern and robust retail banking system, as well as the benefits made available by the economic environment and advancement in technology.
  • We value our TISA Brand and we take pride in delivering efficient and better services to our Members using the TISA Brand. And tonight , we will be launching  another TISA Brand that will continue to provide services that are relevant and meet the present-day needs of members. I am also pleased to announce that this level of service will now be extended to a wider population of Papua New Guinea, including the business community.
  • Ladies and Gentlemen, Having said all of these things, we cannot overlook the guidance of the most powerful person. Our efforts would have been fruitless if it wasn’t for the guidance and wisdom that Our God Almighty has given us. We have gone through a lot of difficult challenges and hurdles to get this far. We believe and acknowledge that our Powerful God has guided us and given us wisdom to deliver and TISA Brand.
  • Ladies and Gentlemen, Our next destination will be launched tonight and I invite every one of you to Join US in our journey to Financial Empowerment.

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HISTORY

  • Pulled out of PSA S&L and established in 1972. Driven by PNGTA. It was called PNGTA Savings and Loan Society Ltd.
  • 1st Office built on Mokohara Road, Waigani.
  • 800 members.
  • Changed name to Teachers Savings and Loan Society Ltd. in the early ‘80’s.
  • In 1981 established 1st regional office in Rabaul.
  • Followed by Lae Regional Office and Goroka Regional Office.
  • Also in the 1980’s TISA Haus Lae was purchased.
  • 1995 Purchased Haus ToMakala and changed its name to Haus TISA.
  • Also in 1995 we replaced the SLAM computer system with the ULTRACS Retail Banking System.
  • 2000 to 2002 Society placed under administration
  • A new Board was elected in early 2002, followed by the appointment of a new CEO.
  • Commenced Corporate Culture change.
  • 2004 opened up membership to public servants.
  • Changed logo
  • 2005 Streamlined, rationalised and right sized governance structure.
  • Removed the silo mentality that permeated the organisation.
  • Drove and encouraged open communication top/down and across the organisation.
  • Drove and encouraged a culture of professionalism, service excellence and compliance.
  • 2006 acquired Pan Asia Pacific Assurance and changed its name to Capital Insurance Group. CIG is the only insurance company in the Pacific with an International Rating (ISO)
  • We now have 16 branch locations throughout Papua New Guinea, which includes Buka, Kavieng, Kokopo, Manus, Vanimo, Wewak, Madang, Lae, Popondetta, Alotau, Kiunga, Goroka, Hagen, Ialibu, Lae and including Head office in Port Moresby Branch in Waigani which are  online with our retail banking system, supported with local decision making authority and systems.
  • Some statistics:
  • 1972 we started off with 800 members. Over 30 years in 2002, the membership grew by only 9% to 10 000.
  • From 2002 to end of 2015, over a period of 13 years, the membership has grown 360% to 46 000.
  • From a 3 Million Kina asset base in 1972 to 75 Million Kina in 2002. A growth of 4% over 30 years.
  • From 75 Million Kina asset base in 2002 to 570 Million Kina in 2015. A remarkable growth of 660% over 13 years.

TISA Savings and Loan Society Limited do take the opportunity to sincerely commend and deeply appreciate our past , present and potential members , stakeholders, supporters and friends as well as the relevant authorities for standing with TISA , come rain , come sunshine

Download the TCF Brochure Art

TISA IS NOW READY AGAIN TO GO TO THE NEXT LEVEL.

 

 

 

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