Teachers Savings and Loan Society (TISA) after announcing a massive 9% interest bonus for its 63,000 plus members this week, said they’re well on track to becoming a commercial bank in six-seven months time. TISA Chief Executive Officer Mr Michael Koisen saaid TISA is a significant financial institution in Papua New Guinea and in the South Pacific, with ambitions to become a bank soon. “The Bank of PNG has granted TISA a Provisional License to become a bank and the Society is now working towards achieving some of the operational requirements before we open up as a bank.” Koisen elaborated that the drive for TISA’s intension and strategy to become a bank is because the country needs a bank that focused on serving the needs of the ordinary Papua New Guineans. “Right now, there are cues, where our people have to line up and wait to be served.” “The retail sector is underserved, and it needs a bank that cares about the people, to step in and provide them relief and it’s important that all stake holders, business communities and the government give that support.” “PNG needs another Bank.” Mr Koisen further said that 80% of our population in the rural areas are unbanked, and someone needs to take the risk, pay the cost to reach put to the people because everyone needs to participate in banking. “70% of the bulk of population both in the urban and rural have access to mobile phone services; however, it is a very sad scenario when a alrger majority of our people do not have access to any banking services.” “Banking has been in PNG for over 100 years and yet 80% of our people do not have access to banking and don’t have bank accounts.” “Hence TISA will take the challenge to provide banking solution to the unbanked in this country.” “Therefore, TISA wants to step in and give the privilege of accessing the banking service to the ones who do not have access to banking.” Mr Koisen highlighted that with the current issues face by commercial banking systems, TISA will be cautious in preparations. “Preparations and planning is so important to implementation and migration of banking system and right now we are in full steam in ensuring that the systematic ration testing is done properly and completely, user acceptance is done adequately and that all employees are trained well so they can assist customers to use the systems properly.” “With that, TISA is looking at becoming a bank on the 6 – 7 months which we believe is possible.” “When we become a bank, automatically our 18 branches nationwide automatically switch to bank status also and we are looking at adding 3 more branches in Hela Province, Jiwaka and Kerema respectively.”