Our Values
Our Philosophy
All credit unions share a common goal: to offer access to affordable financial services for all their members and to provide the financially disadvantaged the tools and opportunities to be financially self-sufficient. Credit unions are unique because they are non-profit, democratically controlled and member-owned cooperatives.
Members of credit unions pool their assets to provide low-cost loans and other financial services to each other. This cooperative spirit is embodied by 350,000 members in PNG — part of 215 million worldwide — working together to achieve economic advancement.
At our Societies, every staff member and customer is both a member and an owner. They are equal.
Credit unions have operated according to the same core principles since the 1850s, when a group of German workers, tired of being exploited by loan sharks, formed the world's first credit union by banding together to provide affordable credit to each other.
The 9 Cooperative Principles
1
Democratic Control
One member = One vote. Whether you have K5 or K5 million, your voice is equal.
2
Open and Voluntary Membership
Members are connected by a bond of association, fostering a sense of community.
3
Non-Discrimination
Credit unions are open to all without regard for race, orientation, nationality, sex, religion, gender, or politics.
4
Service to Members
Credit unions exist to serve members, not profit — consistently ranked No. 1 in service.
5
Distribution to Members
All profits are returned to members through dividends, lower fees, better savings rates, and improved services.
6
Building Financial Stability
Owned by the people they serve, credit unions don't take unnecessary risks — they are historically stable organisations.
7
Cooperation among Cooperatives
Credit unions and cooperatives share the same principles. Together, they amplify each other's good works.
8
Social Responsibility
Credit unions strive for social justice by committing to strengthening communities and helping people of modest means.
9
Ongoing Education
Financial education for members, employees, and communities is a core pursuit of social justice.
"If you are not a member now, you can immediately join one of our member societies so you too can share our co-operative spirit and values."
Find a Society Near You
Purpose & Direction
Vision & Mission
Savings and Loan Societies are formed by groups of people — public servants, factory workers, or village communities — who save their money together in a common fund. From this fund, loans are made to members at reasonable rates for a wide range of provident and productive purposes.
FESALOS is a national organisation formed by Savings and Loan Societies throughout Papua New Guinea, providing services and promoting new Societies. Membership is voluntary, guided by Directors elected from societies across the country.
Our Vision
"A dynamic and innovative Savings & Loan movement committed to the economic advancement and social empowerment of all our affiliates and members"
Our Mission
"To support and strengthen Savings & Loan Societies to improve the financial, social and other life skills of their members"
Our Purpose
Role & Responsibility
"The core foundation of the PNG Federation of Savings and Loan Societies (FESALOS) as a democratic organisation is to improve the economic situation of its members."
The Federation of Savings and Loan Societies Incorporated (FESALOS) is a national organisation formed by savings and loan societies throughout Papua New Guinea. Its mission is to promote and strengthen savings and loan societies to enhance the socioeconomic development needs of its members.
FESALOS provides technical assistance to ensure that existing savings and loan societies continue to be viable and sustainable.
Enhancing and promoting one of the Credit Union Principles of cooperation among cooperatives, FESALOS was registered and took over the role of providing services to Societies — together with responsibilities of all administration of the Savings and Loan Movement from the Reserve Bank of Australia.
What This Means for Members
📢 Advocacy
FESALOS acts as the voice of member societies, representing their interests with regulators, government bodies and international partners.
🛡️ Sustainability
Through technical support and governance guidance, FESALOS helps societies remain viable, compliant and financially sound.
🎓 Capacity Building
Training programs and educational workshops empower society staff, board members and their communities with the skills needed to thrive.
🤝 Cooperation
FESALOS fosters cooperation amongst member societies, promoting a unified movement that benefits all members across Papua New Guinea.
Leadership
Board of Directors
The FESALOS Board of Directors is composed of six (6) elected Directors drawn from affiliated Savings and Loan Societies across Papua New Guinea. The Board provides strategic oversight and governance leadership to ensure FESALOS fulfils its mandate of promoting and strengthening the Savings & Loan movement nationwide.
Our Board brings together a wealth of experience spanning financial services, cooperative governance, business management and public administration. Each Director is elected by member societies and serves in a voluntary capacity, reflecting the democratic and cooperative principles that are at the heart of the Savings & Loan movement in PNG.
Meet the Board
Beverly Nelson
Deputy Chair
Paulus Laveil
Managing Director & Board Secretary
