About NSCL

A cooperative owned by its members

One of Vanuatu's most successful savings and loans cooperatives, now growing into new businesses through Navara Investment Company (NICL) and Navara Financial Services (NFSL).

Our story

Built by members since 2009

Navara Savings & Credit Cooperative Society Limited (NSCL) was established in Port Vila in 2009. It is a registered cooperative under the Cooperative Societies Act [CAP 152], registered with the Registrar of Cooperatives (the Office of the Registrar of Cooperatives and Business Development Services).

NSCL started as a savings and credit cooperative and has grown into a small group of companies. It now includes two subsidiaries, Navara Investment Company Ltd (NICL) and Navara Financial Services Limited (NFSL), as well as partnerships with local organisations. NICL is paused for now. It will be relaunched once a few of our new businesses are up and running.

Navara was first formed in 2009 as the Government – VNPF – Reserve Bank Cooperative Savings & Loans Society Limited (GVRS), and adopted its first bylaws in 2013. In 2014 it became the Navara Cooperative Savings & Loans Society Limited (NSLS). In 2021 the name was updated to Navara Savings & Credit Cooperative Society Limited (NSCL) to reflect changes in cooperative legislation and operations. Our bylaws were most recently amended in 2024, following recommendations from the Department of Cooperatives, so that the Society operates in a prudent and transparent manner. NSCL is registered with the Department of Cooperatives as Cooperative Society No. 634 and is a licensed business.

Our purpose

To promote the social and economic interests of our members in accordance with cooperative principles.

Our objectives

Encourage members to save their money, and safeguard those savings.
Grant loans to members, voluntary members and non-members on reasonable terms of repayment.
Invest funds in legitimate businesses.
Provide decent returns to our members.

Governance

How NSCL is governed

Members own the cooperative. An Executive Committee (EXCO) acts as the board, specialist committees look after key areas, and a full-time General Manager supports them in running daily operations.

Members

Owners of the cooperative

Executive Committee (EXCO)

Oversees management, operations & member savings

Member Credit Committee

Non-Member Credit Committee

Systems Committee

Investment Committee

General Manager

Runs day-to-day operations and reports to the committees & EXCO

Member Credit

Oversees lending to members, including loan disbursement and repayment.

Non-Member Credit

Oversees lending to non-members on reasonable terms.

Systems

Develops NSCL's finance and record-keeping systems.

Investment

Finds and assesses investment opportunities, including member business proposals.

Legal status

Registered and accountable

Cooperative registration

Registered under the Cooperative Societies Act [CAP 152] with the Registrar of Cooperatives, Vanuatu.

Subsidiaries

Navara Investment Company Ltd (NICL) and Navara Financial Services Limited (NFSL) are both registered with the Vanuatu Financial Services Commission (VFSC).

Reporting

NSCL is governed by an elected Executive Committee (EXCO) – Chairman, Vice Chairman, Secretary, Vice Secretary, Treasurer, Vice Treasurer and Members' Representatives – who serve three-year terms. EXCO meets at least quarterly. A Credit Committee oversees loan products for voluntary members and non-members. Members meet each year at the Annual General Meeting (AGM), where they elect executives, amend the bylaws and consider the annual financial statements. Our accounts are audited every year, our financial year runs from 1 January to 31 December, and members receive financial updates each trimester. In July 2026 the Department of Cooperatives approved NSCL's audit.

Where we meet