TISA News

Banking on Values Day: A Celebration of Ethical Banking

Thu, 07 Nov 2024 00:34:41 Z

The Global Alliance of Banking on Values is a network of independent banks using finance to deliver sustainable economic, social and environmental development.

This global initiative aims to shift the focus from short-term gains to long-term sustainability, from shareholder interests to the well-being of individuals and communities.

TISA Bank is a member of the Global Alliance for Banking on Values (GABV), a network of banks and financial institutions committed to advancing positive change in the banking and finance industry.

In a world where profit often takes precedence over principles, it is refreshing to see a movement that seeks to bring values back to banking. Banking on Values Day, celebrated annually on November 7th, is an occasion to recognize and promote the importance of ethical banking practices.

These banks and financial institutions, spread across various countries, share a common vision: to use finance as a force for good. They believe that banking should not only be about making money, but also about making a positive impact on society and the environment.

This year, TISA Bank joins other GABV members to celebrate and reinforce the message the finance plays a crucial role in shaping our economy, society and the environment.

Under the theme ‘Transforming Banking, Transforming Lives’, TISA Bank will for the second time celebrate Banking on Values day through organized events and activities planned out to engage employees, customers, and communities.

TISA Bank CEO, Mr Sunil Pokharel said, “TISA Bank’s mission goes beyond just financial services. We want to be a catalyst for change and progress in our nation. We will actively support initiatives that promote education, entrepreneurship, and sustainable development, by investing in our people and communities and we believe we can create a brighter future for all.”

The goal is to create awareness and foster dialogue about the importance of values-based banking. It is a chance to educate individuals about the power they hold as consumers to influence the banking industry by choosing to support ethical banks.

TISA Bank builds on the foundations of ethical banking practices and prioritizes social and environmental values alongside financial performance.

As part of TISA Bank’s goals, we will support local communities and promote financial inclusion. By aligning their activities with the United Nations Sustainable Development Goals, these banks contribute to the achievement of a more just and equitable society.

Banking on Values Day not only celebrates the achievements of ethical banks but also serves as a reminder of the work that still needs to be done. It highlights the need for more banks to join the movement and embrace values-based banking. It encourages individuals to demand transparency and accountability from their financial institutions.

Together, we can make a difference and reshape the banking industry for the better.

Together we can: “Change Finance to Finance Change.”

TCF gets Banking Licence

Wed, 07 Aug 2024 00:13:37 Z

It’s official! Tisa Community Finance Limited (TCF) is now TISA Bank.

TCF, a key subsidiary of our group, has been granted a banking license by the Bank of Papua New Guinea (BPNG).

As the Chairman of TISA Group, I am delighted to announce this major milestone in our journey.

With this achievement, TCFL has become TISA Bank Limited, a fully-fledged commercial bank. TISA Bank is committed to delivering innovative banking solutions tailored to the diverse needs of businesses, communities, and individuals across Papua New Guinea. Rooted in the values of the parent organization, Teachers Savings and Loan Society Ltd, its approach is guided by the principles of People, Prosperity, and the Planet.

Our strategic focus is on providing comprehensive banking services through digital platforms, mobile banking solutions, and an agency banking model.

As a proud member of the Global Alliance for Banking on Values, we are unwavering in our commitment to ethical banking practices.

We strive to make a positive impact on society and the environment, aligning with our core values and the needs of our stakeholders.

With over fifty years of history, we are building on our legacy to reach remote and underserved regions and support the Bank of Papua New Guinea's financial inclusion and green finance goals.

TISA Bank represents our commitment to enhancing banking services for the people of Papua New Guinea and serving as a pillar of support for our customers and their communities.

We are excited about this new chapter in our journey. We eagerly invite everyone to join us in creating a brighter future for Papua New Guinea as we continue to grow and serve our customers and communities.

TISA Supports Chesire Disability Services as Gold Sponsor

Tue, 25 Jun 2024 06:12:51 Z

TISA today made a generous sponsorship of K50,000 to the Cheshire Disability Services, as one of its Gold Sponsors in the upcoming Chesire Annual Red Feather Fundraiser in August 2024.

“Cheshire DS work resonates with our purpose as an organisation which is to improve the quality of life for our people, and we are happy to support this institution and the work that it does,” said Group CEO, Michael Koisen.

“We see the value in the work that Cheshire does in our communities, the positive and life changing impact it has had on its beneficiaries.”

“Persons with special needs are equal as others who are able bodied persons and are part of our community.”

“It also takes people with an understanding and caring heart to care for persons with special needs and we appreciate the work that Cheshire Homes and your employees are doing.”

Started in 1965, Cheshire Disability Services is one of the leading implementing non-governmental and charitable organization for special needs persons.

With four key program areas that include Community based rehabilitation and physiotherapy interventions, Inclusive & Early childhood education, Residencial care and protection and Livelihood empowerment through young voices program, Cheshire’s mission is to improve the lives of persons with special needs.

TISA successfully goes live with new core banking system – Flexcube 14.7

Thu, 13 Jun 2024 08:32:04 Z

Teachers Savings and Loan Society (TISA) today announced that it has successfully completed the migration to its new core banking system – Flexcube.

Michael Koisen, Group CEO for TISA said: “We have successfully migrated our core banking systems from Ultracs into the latest version of Flexcube 14.7 on Wednesday 5 June.”

“The migration was seamlessly executed with operations commencing on this new platform on 6 June.”

TISA also launched the Oracle Digital Banking Experience (OBDX) suite to provide Internet and Mobile Banking services.

“Despite the significant transaction volumes resulting from a three-day branch closure and additional bonus interest paid to member accounts, I am delighted to report that no operational issues were encountered during the migration.”

This new development enables TISA to optimise its infrastructure and service delivery to enhance banking services for its members and customers.

Flexcube’s depth and power provides a step change for TISA and significant capacity to TISA’s banking business, managing high transaction volumes, and improving service quality and performance.

“We can now perform core processes such as account openings and credit transfers quickly and with far greater stability, increasing scalability and cost-efficiency of the platform.”

The new system automates functions and processes that formally were done manually in the areas of operations and customer support.

The new Centralised Operations approach has been launched, which will bring efficiency and quick turnaround times at branches.

“It took us one and a half years of meticulously planning and execution and we had in place a robust and effective project governance and management framework and with the support of our core banking system provider Oracle Flexcube, our implementation partner Profinch, our testing partner Yethi and our advisors Deloitte, we have successfully delivered this project.

While we appreciate the external support, a critical piece to the successful delivery of this project is our Project Core team and TISA Technology team.

They put in long hours and worked extremely hard and worked smart to ensure the project was delivered successfully and within time frames.

We thank all our members, customers, and key stakeholders for supporting us through this project.

While there are minor teething issues and slight customer service delays after the migration, which is normal; we have invested in training our people and we have a talented team that has readily embraced the change.

I am confident in our team’s ability to adapt quickly, and our customers will experience improved services soon.

I am incredibly proud of our teams, and how they adapted quickly to learning and change.

As part of TISA’s transformation and commitment to elevating our member and customer experience and fostering financial inclusion, we have introduced USSD Banking and enhanced Internet Banking services after the migration.

We are also set to introduce several more innovative products onto the market in July.

We have refurbished our main branches of Port Moresby, Lae, Kokopo, and Mt Hagen where banking services will commence once the banking license is granted.”

TISA Announces 2023 Financials

Wed, 05 Jun 2024 04:51:32 Z

Today, the Teachers Savings and Loan Society Group (TISA Group) announced a profit of K50.4 million after taxes and a record balance sheet of K1.18 billion for the 2023 financial year.

In an announcement today, Board Chairman Gabriel Tai said, “TISA has made a modest total income increase of K2.1 million in 2023 and an increase in Group Assets by 4% to K1.182 billion compared to 2022.

The Company has demonstrated resilience and strategic growth despite a challenging financial year.

“I am pleased to announce that the TISA Board has approved an Additional Bonus Interest of 7%, which will be credited to all our members Yumi Accounts for the financial year ending 31 December 2023.”

This 7%, equivalent to K24.29 million, will be paid to members' Yumi Accounts based on their general savings balances as of 31 December 2023.

“Members will be able to access the 7% interest in their Yumi accounts tomorrow.”

This is the 6th consecutive year that TISA has declared a 7% interest for its members.

The interest payout to members savings accounts for the year 2023 are:

2% interest that is credited annually to the members’ General Savings Accounts;
2% interest that is credited annually to the members’ Yumi Accounts (Transaction Accounts) and;
6% interest is credited annually to members with other savings accounts.
7% is an additional bonus interest is paid to members’ General Savings Accounts balance as of 31 December 2023 into Yumi Accounts (Transaction Accounts)

“We are excited about the opportunities that lie before us. The financial landscape is evolving rapidly, driven by technological advancements, changing consumer preferences and global trends.”

“As we embrace these changes, we remain committed to staying true to our values and fulfilling our mission of helping people build sustainable wealth.”

TISA’s commitment to serving extends beyond rhetoric; it is embedded in our DNA.

“In closing, I extend my heartful gratitude to our valued members and customers for their continued loyalty, trust, and support.

I also thank our dedicated employees, whose hard work and dedication are the driving force behind our success and our partners and stakeholders for your continued support.”

TISA’s Group CEO named Most Trusted Financial Services CEO, 2024

Wed, 29 May 2024 08:49:43 Z

We are pleased to announce that Michael Koisen, our Group CEO for Teachers Savings and Loan Society (TISA), has been named Most Trusted Financial Services CEO in the APAC CEO of the Year Awards, 2024.

The APAC Awards hosted by the APAC Insider is a prestigious awards program that distinguishes, and recognizes hardworking CEOs dedicated to innovation and success in the Asia Pacific region.

This award recognises Mr. Koisen’s unparallelled work and leadership in the growth and success of TISA.

Commenting on Mr. Koisen’s award, Chairman of TISA Group, Gabriel Tai said: “Michael is a strategic leader. He was appointed Group CEO when the Society was under significant stress.

He accepted the challenge, and with his skills and experience, has guided TISA out of statutory management and into what TISA is today.

This milestone and unparalleled achievement as APAC CEO of the year 2024 is testament to 23 solid years of building TISA and his commitment to improving the lives of ordinary Papua New Guineans by promoting ethical and responsible banking practices with our customers, stakeholders, and communities in mind.

On behalf the members of TISA, Board, Management and Staff of TISA Group, I would like to congratulate Mr. Koisen on this well-deserved award.”

“TISA is currently going through a growth phase with major changes as we prepare ourselves to become a fully-fledged commercial bank. There are so many moving parts to this,” said Michael Koisen, Group CEO for TISA.

“As a business leader, I am constantly on the move, trying to grow the organization, providing solutions to our challenges, and reinventing to remain relevant to the changing needs of the people that I serve.

I am honored to receive this prestigious award on behalf of TISA and Papua New Guinea.

It validates what I do for ordinary Papua New Guinean families and communities and encourages me to continue my privilege of service in my sphere of influence.

I share this award with all the members of TISA in Papua New Guinea, for without their trust and support all the hard and smart work is in vain.

The privilege of trust granted to me by the Board of Directors of TISA Group has been a source of strength, the support from my Executive Leadership Team and staff is much appreciated.”

TISA Community Finance Limited Signs Credit Guarantee Agreement with Credit Guarantee Corporation.

Mon, 22 Apr 2024 07:09:15 Z

Tisa Community Finance (TCF) has signed an agreement with the Credit Guarantee Corporation Limited (CGC) to enable small and medium-sized enterprise (SME) customers of TCF to have access to credit guarantee support.

TCF is a licensed financial institution focused on providing financial services and products to the retail and commercial segment, including SMEs. It is a wholly owned subsidiary of Teachers Savings and Loan Society Ltd.

The signing of the agreement comes as TCF is preparing to commence its operations as a commercial bank.

Chief Executive Officer of TCF Mr. Sunil Pokharel said, “ TCF is on the verge of launching its operations as a commercial bank and this agreement shows our commitment in the micro and SME (MSME) lending space. Such guaranteed support will play a crucial role in growing our MSME portfolio and will also provide a safety net for the financial institution.”

He added that he was optimistic that this agreement will help grow TCFs SME portfolio.

TCF is reviewing its current existing SME products and will in the coming months also announce new additional products for micro and small businesses.

Under this agreement, CGC will provide credit guarantees to TCF enabling TCF to extend credit to SMEs.

Chief Executive Officer of CGC, Mr. Dominic Sikakau said he was pleased to sign the agreement with TCF as this is part of the Government’s objective to provide access to finance for MSMEs and drive economic growth in PNG.

TCF now makes 13 Financial Institutions who are partnering with the CGC to provide access to credit for SMEs in PNG.

Tisa Community Finance Limited Announces the Appointment of Anthony Smaré to its Board Of Directors

Tue, 26 Mar 2024 06:29:01 Z

Tisa Community Finance Limited (TCF), has announced the appointment of Anthony Smaré to its Board of Directors.

TCF is a licensed financial institution focused on providing financial services and products to the retail and commercial segment, including Small and Medium Enterprises (SMEs). It is a wholly owned subsidiary of Teachers Savings and Loan Society Ltd.

Mr. Smaré brings to the TCF Board extensive leadership experience in various sectors including banking, superannuation, investments, insurance, mining, energy, retail, manufacturing, logistics, construction, security, and property.

Mr. Smaré is a lawyer, geologist and entrepreneur and is one of PNG’s senior business leaders. He is presently the Executive Chairman of private equity firm TrueNorth Capital, with investment in various sectors in PNG and internationally, and directly employing over 2500 Papua New Guineans nationally. He is also non-executive board chair of Paradise Company Limited, independent President of the PNG Chambers of Resources & Energy (PNGCORE), and a non-executive director of PNG Sustainable Development Company. Mr Smare has held over a dozen non-executive directorships to many of PNG’s largest companies over the last 20 years, most notably as Chair of Nambawan Super Limited from 2012 to 2019.

Mr Smaré has double degrees in Law and Applied Science (Geology) from Queensland University of Technology (QUT) and has studied in leadership programs at the universities of Harvard, Oxford, Princeton, Cambridge, Stanford, and Hong Kong UST. In terms of international accolades, QUT named Mr Smaré its most outstanding Young Alumnus of 2010, and in 2014 the World Economic Forum appointed him to its Forum of Young Global Leaders for a six-year term, making him the first person from the Pacific islands region to be so honoured.

Mr Smare has a strong emotional connection to the mission of TCF and TISA as his mother Josephine was a community school teacher and a member of TISA, teaching in schools across Papua New Guinea for well over 30 years before retiring. Accordingly, Mr Smaré will be an invaluable addition to the TCF Board.

TISA Community Finance Limited announces the appointment of Moses Koiri to its Board of Directors

Tue, 12 Mar 2024 03:33:14 Z

Tisa Community Finance Limited (TCF), has announced the appointment of Moses Koiri as a director and Chairman to its Board of Directors.

Mr Koiri is a distinguished senior lawyer in Papua New Guinea and Principal of Albatross Law. He brings a wealth of expertise in commercial advisory and litigation to the TCF Board.

With an extensive background working in corporate legal environments, he has held key roles and directorships with notable organisations, including Maybank and Comrade Trustee Services Limited.

He has also played a pivotal role in the development and growth of TCF since its inception. He served as Chairman of TCF from 2016 until his resignation in March 2021.

Throughout his tenure, he made substantial contribution to the Board’s strategic vision and overall development of the organisation. His leadership has been instrumental in steering TCF from its initial startup stage to where it is today - a fully-fledged financial institution.

Mr Koiri’s other immediate past directorships included on the Boards of Toyota Tsusho (PNG) Limited, Capital Insurance Group Ltd, and as Principal Legal Officer / Chief Operating Officer at IPBC, the predecessor to KCHL during the formative years of the PNG LNG Project.

Mr Koiri began his career at the Bougainville Copper Limited and holds a Master of Laws from Monash University in Australia.

“We are delighted to welcome Mr Koiri to the TCF Board. His extensive experience, deep understanding of the legal, banking, finance and business industry in PNG, and his proven leadership skills also make him an invaluable addition. His strategic insights will significantly contribute to the realisation of TCF’s vision and operational excellence.”

TISA announces new Foundation CEO

Tue, 20 Feb 2024 04:01:21 Z

TISA today announced John Simango has been appointed as the new Chief Executive Officer for the TISA Foundation, reporting to the Group CEO for TISA.

Mr Simango has joined from his previous post as Executive Director for Grow PNG which is a nonprofit organisation that supports and progresses inclusive and sustainable agricultural programs for rural communities in Markham, Morobe Province.

He has over 16 years of extensive experience in building and leading development programs with emphasis on sustainability, community empowerment and strong community partnerships.

Mr Simango has held senior roles working across multiple sectors with various development partners in PNG and the region. “I am honored to be joining TISA and excited about the opportunity to work closely with the TISA Board to nurture, lead and grow the Foundation,” he said.

Group CEO for TISA, Michael Koisen said he was thrilled to welcome someone of Mr Simango’s experience and caliber to the TISA Foundation. “We are confident that John will be a great leader for the Foundation. He has a proven track record of success in his past work and is passionate about our mission. We know he will raise the bar for our programs when we roll them out. Since becoming a member of the Global Alliance for Value-Based Banking (GABV), it is our overarching commitment to continue making a positive impact for our people, our communities, and our planet. We share a belief with our customers that money can be used to create a world where our people, communities and the planet thrive. That’s why this Foundation matters. It demonstrates our commitment to achieve the best possible outcomes for our customers and at the same time, remain true to our purpose,” said Mr Koisen.

The Foundation is a new entity setup by TISA Group to drive its social responsibility commitments and initiatives around leadership programs for Papua New Guinean leaders and financial literacy trainings for our communities.

TISA women leaders attend GABV Leadership Academy in Italy

Mon, 12 Feb 2024 09:10:32 Z

TISA is proud to announce that two of our women leaders, Anna Leidimo and Jennifer Galindo have been enrolled to participate in the Global Alliance for Banking Values (GABV) Leadership Academy Program.

The four-month hybrid program commences with an immersion module in Padua, Italy from 26 to 29 February.

Anna, our Head of People and Culture, and Jennifer, Internal Audits Manager have been selected for this program - ‘Co-creating a Regenerative Future’.

This exclusive training, facilitated by GABV Leadership Academy in partnership with Massachusetts Institute of Technology Co-Lab and Presencing Institute will equip Anna and Jennifer with cutting-edge leadership tools and techniques to promote, lead and innovate best values-based banking practices in TISA.

Michael Koisen, our Group CEO said, "TISA has been a proud member of the GABV community since becoming a member in November last year and we are committed to supporting ethical, responsible, and sustainable banking since joining the GABV community as a member. We are realigning our business to reflect that commitment and such training is critical for our leaders as it provides them with deeper insights on best practices in value-based banking. At TISA, we believe in investing in the continuous development of our people with training being a key focus. We are confident that this training will add value to our business."

Both staff leave for Italy this month.

TISA partners with PNG IWEC to support women entrepreneurs

Wed, 07 Feb 2024 06:16:07 Z

TISA is partnering with PNG Indigenous Women Entrepreneurs Connect (PNG IWEC) to

support local women entrepreneurs involved from micro/informal businesses to aspiring and

women-led businesses in PNG.

Under this partnership, TISA is providing funding support of K200,000 to PNG IWEC, a

pioneering social enterprise committed to empowering local women entrepreneurs across PNG

to support the rollout of its programs and initiatives to help all women.

“A lot of our womenfolk operate micro and informal businesses and need the support whether

it’s through information sharing, networking, access to markets and or funding to sustain and

grow their businesses,” said Michael Koisen, Group CEO for TISA.

“For TISA, this partnership aligns with our Purpose to help our people and communities

improve their wellbeing and our commitment to supporting local businesses whether it's

informal, micro, and or small businesses. Through this partnership and funding support, PNG

IWEC can successfully roll out its programs as well as reach and connect with our local women

entrepreneurs’ and their businesses,” said Mr Koisen.

The K200,000 support will enable PNG IWEC to provide tailored training programs for women,

establish key partnerships to support the growth of local women-led businesses and provide

a nurturing environment for the women in aspiring and micro/informal levels.

The first two initiatives that PNG IWEC has underway is the launching of its social insurance

for women to access and an economic development event hosted by Indigenous Women in

Industry in New Zealand (IWI) where 12 of our local women entrepreneurs will attend this

week.

Ms. Linda Paru, Founder/CEO of PNG IWEC stated “PNG IWEC, is thrilled to announce this

substantial platinum sponsorship from the TISA Group. The K200,000 sponsorship will greatly

support and enable the participation of PNG IWEC at the IWI Summit in Rotorua, New

Zealand, scheduled for February 8-9, 2024.

The IWI Summit anticipates over 400 Indigenous women in attendance, providing a unique

opportunity for networking, collaboration, and showcasing the talents and achievements of

Indigenous women entrepreneurs globally.

Ms. Linda Paru, along with 12 Indigenous Women Entrepreneurs (IWEs) and Mrs. Jacinta

Warakai-Manua, the Acting Secretary of the Department of International Trade and

Investment, will represent Papua New Guinea. The team looks forward to a successful

participation, contributing to the collective empowerment and advancement of indigenous

women worldwide.

This generous sponsorship from TISA Group underscores the commitment of both

organisations to empowering indigenous women in Papua New Guinea, fostering economic

independence, and providing a platform for networking, collaboration, and knowledge

exchange.

Ms. Paru and her team showcased the impactful work of PNG IWEC during the World

Indigenous Business Forum (WIBF) last October, where she was appointed as PNG’s IWI

Ambassador by the Founder/CEO of Rise Global Rachel Petero.

Expressing gratitude, Ms. Paru stated, "We are delighted to have TISA Group on board as a

key partner supporting our delegation to the IWI event as well as ongoing support for our

Social Insurance rollout in Papua New Guinea. Their commitment is a testament to the success

and visibility we gained through our participation in WIBF, where TISA Group was a platinum

sponsor. This sponsorship will enable us to represent Papua New Guinea with pride and

engage in valuable exchanges with indigenous women from around the world."

TISA Group has a longstanding commitment to corporate social responsibility, exemplified by

this sponsorship, which supports PNG IWEC initiatives promoting empowerment, inclusivity,

and cultural exchange.

TISA commissions new Data Centre

Thu, 07 Dec 2023 06:01:18 Z

Teachers Savings and Loan Society (TISA) today formally commissioned its new state-of-the-art Data Centre.

TISA’s Group CEO, Michael Koisen said, “This is a significant milestone for us – this new Date Centre is a world class Tier Two Data Centre which will provide a resilient, robust, and efficient facility for hosting the critical systems to run our business.”

“It is also the first and only fire rated glass paneled wall Data Centre (DC) in PNG. The fire-rated glass walls are fireproof and give a full view of the Centre as well.

“This new Data Centre will ensure our members’ and customers information is stored safely and securely and guarantees our members consistent access to services without disruptions.

Our new Data Centre will contribute to a positive overall user experience for our members and customers.

It took us almost a year to finally reach this stage. We had some minor setbacks during the year, but our team together with our Project partners pressed on to ensure we completed this massive project.

We completed all the industry checks and tests - to make sure our new DC is working effectively and I’m happy to say that all have been successfully completed.”

The new DC will ensure that TISA’s Core IT systems are managed in a controlled, safe, and standardized environment leading to smooth operations for all our Banking services without interruption.

It also comes with world class equipment providing backup Power and Cooling supply along with Fire suppression and environment sensitive alarm systems.

“For us, the opening of our DC means TISA is meeting industry standards and compliance requirements set by the Bank of PNG and will quicken our preparations on our transformation into a commercial bank – which I’m happy to also mention that we are making steady progress as well on our transformation.”

Other features of this new Data Centre include:

• There’s two automated backup gensets that will start as soon as the power supply goes off
• Two UPS systems configured in auto failover mode feeding into dual PDUs in all racks in both rows.
• Network backups with clustered equipment and backup ISP links.
• Hot Aisle containment with four InRow Cooling units configured in high availability redundant setup which operates two at a time in tandem.
• Highly scalable environment 2 Rows of 6 Racks that has backups interconnection between racks in both rows.
• Gas fire suppression system ensures fire resistant environment.
• Anti-Static Data centre equipment/hardware staging room.
• Dual door Multifactor Biometric enabled Datacenter door access system.
• All equipment is enabled with alert mechanism to send health checks via SMS/Email.
• Online replication to DR site ensuring minimal RPO/RTO.

“This endeavor is not only a milestone for TISA but a matter of pride for the Nation’s Financial sector which requires such world class facilities for its modernization and technological progress.”

“It also embodies the progressive and customer centric path being treaded by the financial sector where TISA will continue to contribute,” said Mr Koisen.

TISA recognized as Top Performing Private Sector Company in PNG

Wed, 06 Dec 2023 07:22:19 Z

TISA is proud to announce that we have been recognised as the Top Performing Private Sector Company in PNG this year by the PNG Human Resources Institute (PNGHRI).

The award is in recognition of our overall outstanding performance this year and was presented yesterday during PNGHRI's annual conference.

In receiving the award, Michael Koisen, our Group CEO said: "This prestigious award reflects our unwavering commitment to serve our people."

"TISA has always been about helping our people and for 50 years we have been doing that consistently - creating tailored-made financial services to suit our customers; expanding our branch footprint to allow accessible and personalized financial services; improving our processes and systems to better serve our customers and; rewarding our customers through our 'highest in the market' bonus interests.

While we continuously work on improving our business, we have not lost sight of our purpose which is to serve our people and improve their quality of life. Our commitment to serve Papua New Guineans has stood strong, and this award is a testament to this."

"The growth and success of TISA is because of our valued members - for their continued trust and belief in us; our dedicated employees who continue to live our purpose through their work and supportive stakeholders. Each have played an important role in our success journey.

"I'm deeply honored to receive this award on behalf of TISA. As we continue to grow as a business, we remain steadfast in our purpose and commitment to serve our people.

We are also committed to supporting the development and growth of financial industry in PNG." TISA was one of eight public and private organizations who were recognized by the PNGHRI for their outstanding performance for this year.

TISA supports education programs for underprivileged children

Wed, 06 Dec 2023 07:10:42 Z

Education is key to breaking the cycle of poverty in PNG and TISA is committed to supporting

organisations that provide education programs and initiatives for underprivileged children.

One such organisation is the Life PNG Care Inc, a community-based organisation that provides education

programs for disadvantaged children in Port Moresby and Lae.

In a small presentation early this week, TISA donated K30,000 to support Life PNG Care’s education

programs for disadvantaged children.

This donation will go toward ensuring over 600 children that the organisation currently supports, continue

to attend school in 2024 and also to support the education programs that Life Care PNG runs.

Group CEO of TISA, Michael Koisen said: “The work Life PNG Care does resonate with our Purpose

which is to improve the quality of life for our people and the communities we operate in, and we are happy

to support this.”

“Our children are our future, and they have a right to education, health, safe homes, and other basic

necessities but sadly there are children who are abandoned and are forced to fend for themselves,” said

Mr Koisen.

“It is encouraging to see Life Care PNG, a local organisation, stepping in to help these children.

We know that our support – in a small way, will help these 600 plus kids continue to attend schools, have

access to safe homes and a supportive community.”

TISA Director Peter Mason, PhD, who was also present to witness the event, expressed his admiration

and appreciation to Collin Pake, the Founder of Life PNG Care, and his team for the great work that they

are doing and to ensure such programs continue.

Sharing his personal experience as once an abandoned child, Dr Mason stated that “for me, it was the

opportunities that I had - being adopted into a good family and access to education. Through the

education opportunities I had, I was able to progress in life.”

“It is really heartwarming to hear and see first-hand what Life PNG Care is doing to help these children

and for TISA, we look to support such programs,” he added.

TISA reaffirms commitment to support Ethical, Responsible, and Sustainable Banking.

Thu, 09 Nov 2023 21:37:35 Z

On 8 November 2023, TISA joined the rest of the Global Alliance for Banking on Values (GABV) community in celebrating Banking on Values Day with the theme ‘Think Bolder’.

Banking On Values Day 2023 celebrates a bolder, better way to bank, and calls on the financial sector to transform its ways of working to promote a sustainable and inclusive future.

The GABV calls for more cooperation and innovation to find new solutions that can help create a green and inclusive economy. It also supports the existing and genuine efforts that aim to achieve lasting change. This marks TISA’s inaugural participation in commemorating Banking on Values Day, following its acceptance as a full member of the GABV on 1 November 2023.

“We are the first financial institution in the Pacific to join GABV - a network of over 70 independent banks and financial institutions using finance to deliver sustainable economic, social and environmental development,” said Michael Koisen, TISA Group CEO.

“This is significant milestone for TISA and its members.”

As part of the celebrations, TISA reaffirms its commitment to support ethical, responsible, and sustainable banking.

“Banks and financial institutions in PNG can be a powerful force for good. From social inequality to the climate emergency, the banking and financial sector has a choice: either ignore and exacerbate these issues, or work together to help overcome them,” said Mr Koisen.

“For TISA, we want to help overcome these issues and it is our commitment and aim to promote a more sustainable financial system and create visibility for the responsible banking movement globally with a local emphasis.”

By taking risks, making real commitments, and continually driving up standards, values-based banks and financial institutions such as TISA can make bolder changes to how finance delivers positive impact.

“Being part of the GABV network is more than a membership for us, its our commitment to ethical, responsible and sustainable banking with our customers, stakeholders and communities in mind. It is our DNA.”

PHOTO: TISA receiving its GABV membership certificate on 1 November 2023 from representatives from GABV. Standing from left to right: Sunil Pokharel, CEO of Tisa Community Finance, Michael Koisen, Group CEO for TISA, Upendra Poudyal Representative of GABV, Asia Pacific and Martin Rohner, Executive Director, GABV.

TISA announces additional bonus interest: total crediting rate up 9%

Thu, 08 Jun 2023 01:47:14 Z

TISA today announced an additional 2% one-off, special bonus interest totaling K6.71 million to be paid to members Yumi Accounts today.

This additional bonus interest is to commemorate the 50^th Anniversary of TISA.

This brings the total additional interest paid to TISA members for the financial year 2022 to a record 9%.

Gabriel Tai, Chairman for TISA Group said: “this is the biggest additional interest we’ve ever paid to our members.”

“This 2% bonus interest is a special bonus to commemorate TISA’s 50^th anniversary and to thank our 63,000 plus members for their continued trust in TISA,” Mr Tai said.

“This 2% will be paid later tonight and member can access this interest tomorrow.”

This will bring the additional interest paid to members for the 2022 financial year to 9% equating to K30.22 million.

“I also want to thank the loyal TISA members for your support, you are the cornerstone in the growth of our organisation over the last 50 years and for trusting your Board and Management to prudently manage your money and pay better returns to you.”

Chairman Tai attributed the financial results and improvements in almost every aspect of TISA’s performance for 2022 to “consistent and focused decision-making and actions, with you our valued members always in mind.”

“We remain committed to providing affordable financial products, quality customer service and pay better returns to you, our valuable mutual shareholders and at the same time continuing the growth of the Society into a stronger and a more relevant organization for the future.”

TISA is the largest and most successful credit union in PNG and the South Pacific and has been granted a Provisional License to become a Bank.

TISA delivers strong growth and better returns

Thu, 25 May 2023 23:12:59 Z

Teachers Savings and Loan Society (TISA) today announced a healthy net profit of K76.49 million and a record balance sheet of K1.17 billion after taxes for the 2022 Financial year.

In an announcement today, Board Chairman for TISA, Gabriel Tai said: “TISA has recorded a positive year of growth in 2022; our profit increased by 24% and our Group Assets up by 28 % compared to 2021 respectively.”

“Key drivers for these being strong income growth, increased savings and deposits, growth in net asset position and loan portfolio.”

“I’m pleased to also announce that the TISA Board has approved an additional interest of 7% which will be credited into all our members Yumi Accounts today for the financial year ending 31 December 2022.

This 7%, equating to K23.50 million, will be paid into members’ Yumi Accounts based on the members’ general savings balances as of 31st December 2022.

“Our members should access the 7% additional interest in their Yumi accounts tomorrow.”

This is the fifth consecutive financial year that TISA has declared and paid out 7% additional interest to its members.

“We are delivering a positive, real rate of return to our members despite the challenging domestic economic and business environment over the last few years.”

The additional interest payout of 7% is in addition to the:

2% interest that is credited annually to the members’ General Savings Accounts;
2% interest that is credited annually to the members’ Yumi Accounts (Transaction Accounts) and;
6% interest that is credited annually to those members who have special savings accounts.

Other Key 2022 Financial Highlights

Net Loan Portfolio increased to K325.94 million, an increase of 1% from 2021.
Savings and Deposits increased to K461.07 million, an increase of 13% from 2021.
Net Assets and Equity steadily grew to K538.85 million, an increase of 16% from 2021.
Total Income increased to K206.32 million, an increase of 67% from 2021.
Total Expenses increased to K124.89 million, an increase of 108% from 2021.

Chairman’s commentary

2022 has been a good year for TISA and a significant one too - we celebrated our 50 years of operation and the business performed really well.

Today’s results reflect the Board and Management’s continued pursuit of our strategic objectives which include:

providing affordable financial products and quality customer service;
pay better returns to mutual shareholders and;
continuing the evolution of the Society into a stronger and a more relevant organization for the future.

TISA’s 63,000 plus membership is made up of Papua New Guinean mums and dads working mostly in the public sector and their trust in the company over the last 50 years makes it what it is today.

As a business, we have a duty of care to our members, to make sure their savings are safe and that our members benefit from their savings, and today’s announcement reflects this.

These are also exciting times for us as a business – our subsidiary Tisa Community Finance (TCF) was granted the “Approval in Principle” for a banking license application by BPNG in May 2022.

We are making good progress to satisfy the conditions associated with the “Approval in Principle” before being full license to operate as a bank is granted to TCF.

We have made significant investment in acquiring advanced technologies and electronic banking solutions to support the implementation and rollout of our banking and financial services to the unbanked and underbanked population.

We are also excited to join Global Alliance for Banking on Values as an Associate Member.

We have accepted challenge to extend our commitment to support economic resiliency, social empowerment, and environmental regeneration by financing individuals and enterprises involved in productive and sustainable economic activities.

In closing, I would like to take this opportunity to acknowledge and thank my fellow Directors, and the Management and staff of TISA Group for your undivided commitment in delivering a strong 2022 financial performance and serving our members with due care.

I further acknowledge the support of our loyal members, who have been the cornerstone in the growth of this organization over the last 50 years, for placing their trust in the Board and Management of TISA to prudently manage their money and pay better returns to them.

The Board, Management and Staff of TISA Group takes pride in serving our mutual shareholders and we remain resolute to create prosperity and new wealth for our mutual shareholders.

TCF announces new CEO

Wed, 03 May 2023 10:23:58 Z

Teachers Savings and Loans Society (TISA) today announced the appointment of Sunil Kumar Pokharel as Chief Executive Officer for Tisa Community Finance (TCF) Limited, a subsidiary of the TISA.

Sunil is a senior global financial services executive with over 30 years of banking experience and brings with him deep insights into developing and emerging markets.

A major focus for Sunil and the TCF team will be to continue to build on TCF’s transformation through digitization and best practices.

Commenting on the appointment, Group CEO for TISA, Michael Koisen said: “Sunil’s experience and skills are invaluable to TCF and in due course TISA Bank, and we are very pleased that he has agreed to take on this appointment.”

“Sunil is the ideal leader for TCF/TISA Bank as we seek to transform our operations and culture firmly around leading customer service, experience and products,” Mr Koisen said.

Sunil brings a compelling range of experience across finance and investment in developing and emerging markets with a track record of delivering important and practical improvements for customers.

“His leadership and external perspectives will add significant value to our business as we look for ways to further support our customers and communities in PNG,” said Mr. Koisen.

Sunil joins TCF from Civil Bank in Kathmandu, Nepal where he was the CEO of Civil Bank. He was associated with Standard Chartered Bank for almost two decades and during that period he also worked with Standard Chartered in Afghanistan. Before joining Civil Bank in 2019, he was associated with NIC ASIA Bank, Nabil Bank, AGD Bank and UAB Bank of Myanmar. Sunil is also a visiting faculty of Kathmandu University School of Management.

For media enquiry,
Contact:
Geraldine Vilakiva on geraldine.vilakiva@tisa.com.pg or 3002202

TISA sponsors PNGDF Commander’s Cup

Wed, 03 May 2023 09:35:31 Z

Teachers Savings and Loan Society (TISA) has come on board to support this year’s PNG Defence Force Commander’s Cup with a K25,000 sponsorship.

In announcing this sponsorship, Group CEO for TISA, Michael Koisen said “TISA is delighted to support this event because a lot of our service men and women are members of Tisa and its one way of giving back to our members.”

“This event is also special because for the first time since the competition started in 2002, there will be women’s matches played and our support will assist the organizing committee to stage these games in Lae this July,” Mr Koisen said.

“The competition, while it focuses on physical fitness and wellbeing, it also encourages and promotes camaraderie, teamwork, collaboration, gender equality and friendship – values that TISA supports.”

On hand to receive the sponsorship at Murray Barrack, Port Moresby was Chief of Defence Force, Major General Mark Goina, Paul Siwi, President of the PNG Rugby Union, and members of the PNGDF.

Chief of Defence Force, Major General Goina thanked TISA for its support and said PNGDF is not a commercial state entity and does not generate money and so such support is valued.

As a member of TISA including many of the service men and women, Chief Commander Goina thanked TISA for its generous support to the tournament and PNGDF.

He said a key focus for PNGDF is on its people – their physical fitness, health, and wellbeing so that they are able to go out and discharge their duties and responsibilities.

As such PNGDF has announced the return of the tournament after three-year recess due to COVID-19. This year’s Commander’s Cup will be played at the Igam Barracks in Lae from 12-20 July.

10 teams from all PNGDF barracks will compete including debutants PNGDF Rugby Union Women’s team who will take on the Morobe Women’s Rugby Union team.

TISA staff will also set up a booth at Igam Barracks during the duration of the event to assist and attend to member queries.

For media enquiry,
Contact:
Geraldine Vilakiva on geraldine.vilakiva@tisa.com.pg or 7412 8967

Media Release: TISA WELCOMES AMENDMENTS TO THE CENTRAL BANKING ACT 2000

Mon, 06 Dec 2021 01:58:46 Z

The Teachers Savings and Loan Society Ltd (TISA) welcomes the National Government's decision and initiative to amend the Central Banking Act 2000 (Act) to address the key underline areas of Governance, Accountability and Transparency and Objectives of the Bank of Papua New Guinea (Central Bank).

We commend the Minister for Treasury, Hon. Ian Ling-Stuckey, MP for moving swiftly with these changes, including establishing an Independent Advisory Group (lAG) to conduct the review and amending the Act. The lAG's submission of its Phase 1 report and recommendations in a very short period of time is highly commendable.

The Government's decision to amend the Act is timely since the last reform was carried out 20 years ago. We support the Government's vision of a "Central Bank of Papua New Guinea that is both independent and accountable, whose discretion is limited by law, and whose objectives are aligned to its functions".

We believe that these amendments are necessary to improve the Central Bank's coordination of monetary policy and micro/macro prudential policies. As a premier State institution, the Central Bank's transparency and accountability should help improve the Central Bank's credibility and further strengthen its ability to effectively pursue its mandate for the advantage of the people of Papua New Guinea.

The onus is now on the new Board of Directors and Governor of the Central Bank to institutionalize, embed and cascade these changes throughout the Central Bank to affect its culture and rendering it accountable and transparent. The institutional change should also encompass and pursue strengthening the capability of the Central Bank to better manage the changing landscape of the banking and financial sector.

TISA looks forward to the next phase of the lAG's review and remains committed to supporting the Government and Central Bank's agenda of promoting the development and growth of the banking and financial sector in Papua New Guinea.

Member Story: PPL Buka Staff join TISA membership

Tue, 10 Dec 2019 09:44:38 Z

A signed Salary Deduction Agreement(SDA) with PNG Power saw staff from TISA Buka doing a presentation to PPL Staff.

TISA Buka Branch Officers were invited by PPL Branch Manager Cornelius Omi to conduct TISA Product and Service Awareness to its staff and this awareness session occurred on the 13^th of August, 2019.

TISA Officers namely Rachael Popi, Gladys Tiolonie and Agrena Iyape provided a brief overview of TISA and the current membership base before switching on to the main focus of the session on TISA’s Savings and Loan Products. Being new members, the Kwik Cash L3 Loan Product drew keen interest from most of the PPL Officers who attended the session.

The TISA trio also introduced to PPL Buka Officers, the Yumi Account for their daily transactions. But out of the product presentations, came an encouraging TISA supporter named Henry Pukuan who had learnt and experienced TISA products through his wife who is TISA Member. Mr Pukuan wasted no time to have his membership forms completed to be a TISA members now that PPL is on board to have its employees contribute to Teachers Savings and Loan Society.

PNG Power in July 2019 approved the Salary Deduction Agreement with TISA to have its employees nationwide join TISA Members to have access to affordable loan products and purposeful savings products.