Teachers Savings and Loan Society (TISA), headquartered in Port Moresby, is the largest savings and loan society in Papua New Guinea (PNG) and the South Pacific excluding Australia and New Zealand.
Established in 1972, TISA began with a simple yet impactful mission: to provide registered teachers of the Department of Education a safe space to save and help one another during financial hardships.
In its earliest years, the Society had about 3,000 members and a total turnover of 2 million kina per annum.
Over the decades, TISA has transformed significantly in size, books, and influence under the leadership of Group CEO Michael Koisen, who has been at the helm for over 20 years.
Under Michael’s leadership, TISA has transformed from a small local credit union into a key player in PNG’s financial landscape.
Today, it serves over 85,000 members across the public and private sectors, with branches in 17 provinces.
As a group entity, it has diversified its portfolio to include banking, real estate and properties and insurance.
At the heart of TISA’s remarkable growth is its Group CEO, Michael Koisen, who joined the company in 2002, at a time when the organisation was under statutory management, and its books were far from healthy.
With a deep personal commitment to the organisation’s core purpose of improving the lives of ordinary Papua New Guineans, Michael stepped up to the challenge.
He saw an opportunity not only to restore TISA’s financial health, but to build a legacy of service and empowerment for its members.
“I’ve always believed that TISA’s mission isn’t just about financial transactions -- it’s about improving the quality of life for everyday Papua New Guineans,” Michael reflects.
“This is a place where everyday mums and dads - teachers, police officers, solders, nurses, and workers from all walks of life - who need financial support to help them live better lives sort help. That’s why I took on the challenge. I knew it was a huge task, but I felt it was the right thing to do.”
Before stepping in as CEO, Michael had already worked in various capacities within the organisation, gaining invaluable experience in operations, management, and governance.
This experience gave him the insight and understanding needed to lead TISA out of its most difficult period restoring stability and paving the way for future growth.
Under Michael’s leadership, TISA not only survived but thrived.
One of its milestones came when it became the first savings and loan society in the Pacific to offer its members a debit card, the YumiCard. This innovative step made it easier for members to access their funds and manage their finances more effectively.
In another first, TISA transitioned into a commercial bank - TISA Bank in August this year - making it the first homegrown bank in PNG.
TISA Bank now offers a wide range of tailored banking solutions and digital services, further extending its reach and ensuring more Papua New Guineans can access the financial support they need.
Despite these successes, Michael is quick to point out that TISA’s rise has always been about more than just profit.
“Our core belief at TISA has always been service over profit,” Michael says.
“We are focused on making a real difference in the lives of our members, not just on financial returns. We believe that when we prioritise people, everything else will follow. Our members trust us because we stayed true to that purpose.”
This commitment to TISA’s purpose is at the core of Michael’s leadership.
In 2023, under his leadership, TISA become a member of the Global Alliance for Banking on Values (GABV), a network of banks committed to creating positive social and environmental impact through responsible banking.
For Michael, joining GABV was a natural next step for the business.
"Being part of this network aligns with our values and mission," he says.
"We believe that banking should be more than just transactions; it should be a tool for change. Our mission has always been to serve our members and the communities we operate in."
Michael’s vision for TISA goes beyond financial success; it’s about creating a lasting, positive impact on the lives of ordinary Papua New Guineans.
“Profit is essential for sustainability, but it’s never been my primary driver,” he explains.
“I’m committed to understanding the needs of our members and customers and delivering solutions that improve their financial well-being. At the end of the day, it’s about making a difference in people’s lives.”
Michael hopes TISA’s story will not only inspire other financial institutions in PNG to embrace a similar values-based approach to banking but also encourage greater partnerships between TISA and other financial intuitions to promote ethical and responsible banking.
"We have the power to create a banking system in PNG that serves everyone and our businesses - that’s responsible, and that’s focused on long-term social and environmental impact and financial inclusion."
For Michael, leading TISA is more than a job - it’s a calling.
As TISA continues to grow and evolve, his vision remains focused on empowering Papua New Guineans and helping them transform their lives through better access to banking and financial services.
"TISA is a household PNG brand. We are from here and PNG is home," he says.
"We’re here for the long haul. We are not going anywhere. For TISA, we are building a bank, a business, and a legacy that will benefit all Papua New Guineans for generations to come.”
