PNG's Tisa Pays Big Bonus Amid Shift Toward Banking Future
After a profitable year, the Tisa Teachers’ Savings and Loan Society is distributing K22.4 million in bonus interest to its 80,000 members across PNG.
The society announced that a seven per cent bonus would be paid directly into members’ Yumi accounts. The payout follows strong financial results in 2024, which saw Tisa recording a profit of K62.2 million.
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| PNG's Tisa Pays Big Bonus Amid Shift Toward Banking Future |
Chairman Gabriel Tai credited the success to the group’s cooperative structure, stating it was “powered by contributions and shared goals” of its members. He praised the spirit of unity and mutual growth among Papua New Guineans.
CEO Michael Koisen said the group’s performance was driven by the success of the savings and loans portfolio. However, external challenges like the Vanuatu earthquake and the PNG riots impacted their insurance operations.
The group’s total assets increased to K1.39 billion – a 22 per cent growth compared to the previous year. Income rose by K42 million, reinforcing the financial stability of the group.
Koisen noted that significant investments were being made to grow the banking division, which would remain a focus in the coming years. “That’s a major project for us,” he stated.
He clarified that any decision to transition fully from a society to a bank would depend on member consensus. “If they want to retain the SNL, we’ll keep it. It’s their choice,” he added.
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