New savings agency opens in Danu as foundation marks 10 years

Residents of the remote Danu community in New Ireland now have improved access to financial services with the opening of a new Niu Ailan Savings and Loan Society (NASALS) agency. Located within the West Coast Development Foundation (WCDF) premises, the agency allows locals to deposit savings and access financial services without undertaking long journeys.

The launch on Friday, July 10, also marked the 10th anniversary of the West Coast Development Foundation. Foundation founder Jonathan Mesulam explained the agency fulfills a long-held vision stemming from his own difficulties accessing savings after leaving his teaching career. He highlighted the need for secure savings options for villagers who earn money through farming, fishing, and small businesses, contrasting it with the options available to public servants.

Mesulam noted that the idea for the Danu NASALS agency was first proposed in 2021. Its realization is attributed to partnerships and extensive planning. He also reflected on the Foundation's decade of achievements, which include constructing a community market, supporting a health center, and implementing projects for internet services, solar power, water supply, sanitation, and environmental conservation. He emphasized that communities should actively collaborate with development partners rather than solely relying on government support.

The new NASALS agency is anticipated to benefit local families, students, farmers, and small business owners by facilitating savings, cutting travel expenses, and increasing engagement with the formal financial system.

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Public servants have savings institutions they can rely on after they finish working. But for our people in the villages, where do they save their money?