NSLS announces 3% interest rating to its members after declaring K2.8m net profit

More than 40,000 members of Nambawan Savings and Loan Society will be credited 3% interest rating after the Boards announcement of a K2.8 million net profit this week.

“Each member will be credited 3% in their accounts. Today [Thursday] we are announcing it, within this week our staff will work towards crediting each account,” said NSLS Chairman, John Cholai.

Chief Executive Officer John Solok reiterates that apart from the impressive net profit, the financial institution also recorded 23 % growth in loans, total net assets valued at K16.4 million and loans paid to members in 2023 stands at K59.7 million which is a 24% growth from last year.

He says they have also seen impressive growth in memberships savings of over K116 million and membership growth of almost 200 employers’ and 40,000 plus members and still growing.

This week the NSLS Board and Management released the 2023 financial review after the closure of the 2023 financial year books.