News

MPSL News Publication

Employees from the mining and petroleum sectors have now their own savings and loan society.

It is the Mining and Petroleum Savings and Loan Society, known in short as MPSL.

MPSL was registered with the IPA in 2011 and approved by the Central Bank and the Federation of Savings and Loan Societies Limited.

The idea of a savings and loan society for employees from the mining and petroleum sectors came about in 2011 when the Ok Tedi Savings & Loan became a new entity, operating independently of OTML.

The Board and Management of Ok Tedi Savings & Loan decided to expand and attract new members from other mines and the petroleum industry. This was to ensure the sustainability of members’ savings and growth of the society.

The transition was somewhat slow during MPSL’s first year, from 2011 to mid-2012 with new membership accepted from employees of companies contracted to Ok Tedi Mining Limited and operating in or based in either Tabubil or Kiunga in Western Province.

However, at its first Annual General Meeting in May 2012, the MPSL Board announced its plans for a more vigorous and extensive marketing campaign nationwide to attract new members from the mining and petroleum sectors.

The marketing slogan used was – Mobilizing Savings for Members Prosperity – and the results were phenomenal as revealed during its second AGM held in March 2013.

In his report MPSL Board Chairman, Sylvester Gaso announced that in all facets of its business, MPSL had shown strong indications of growth.

Mr Gaso’s report showed an increase in total savings, loans and assets except for a five percent decline in membership.

“Despite a five per cent decrease in membership, the members’ funds’ is taking an upward direction, a strong indication of growth. Our new members from the contractor companies are now accessing loan facilities, which is evident by the upward movement of the loan portfolios. We are optimistic that 2013 will be the time to see the fruits of our expansion program as we bring on board members from other mining and petroleum companies,” said Mr Gaso.

In its second year as a new entity, MPSL’s nationwide marketing campaign involving roadshow communication sessions were held at Tolukuma, InterOil, Morobe Mining Joint Venture, Oil Search and LABA Holdings Company with overwhelming response from these organizations.

Acting Manager of MPSL, Age Wari revealed that his team will visit InterOil and Tolukuma in July for further discussions and Porgera as well as Lihir in August and September.

As for MMJV, Mr Wari said the outcome has been ‘very good’ and MPSL was now awaiting commencement of payroll deductions from national employees of MMJV which he said may take effect in July.

Following the overwhelming response from partner organizations in the mining and petroleum sectors, MPSL has already secured a building in Gordons, Port Moresby for an office space to be located outside of Tabubil.

Mr Wari also announced that in July, MPSL would be launching its Management Information System (MIS) which is the Ultraces 3 banking system whilst SMS mobile banking would follow soon after.

Since its transition from the Ok Tedi Savings & Loan in 2011 to MPSL, the road ahead for employees from mining and petroleum companies looks promising.

“The challenges that confronted us at the time of launching are now behind us and we look forward for a sustainable growth of our Society in the coming years,” Mr Gaso said at the AGM in March of MPSL’s future.