The Central Bank also encourages the establishment of savings and loan societies to provide complementary financial services to those provided by the banks, finance companies and the existing Savings and Loan societies. There were two types of saving and loan societies until recently: employer-based societies such as Teachers and Elcom; and provincial-based societies like the Niu Ailan Savings and Loan society.
Provincial-based societies are flavoured in a fashion that membership is open to those living in the province and those who are from the province but are living or working outside the province. There is now an addition to the type of societies available - only yesterday I launched the service centre for the Nasfund Savings and Loan Society.