PNG Government aims to have 2 million people have accesss to banking services
THE PNG National Government aims to reach up to two million citizens who have no access to banking and financial services, Trade Commerce and Industry Minister Richard Maru says.
He said that when he presented the first K6 million to National Development Bank to build the Mendi and Kundiawa People’s Microbank branches.
“By 2016, we want to have a People’s Micro Bank in all our provinces.
“I am submitting a budget submission for a further K20 million in the 2015 budget for us to build new branches in the remaining provinces, including Manus, Morobe, East New Britain, Gulf, Western, Enga, Eastern Highlands and Milne Bay.
“Our aim is to grow the small-to-medium enterprises sector to create wealth and employment for our citizens, who will ride on the back of the People’s Micro Bank as a key vehicle to deliver savings and accessible credit to them,” Maru said.
“We cannot depend on private banks whose primary mission is to make profits and grow shareholder value for their shareholders.
“People’s Micro Bank is the only bank in PNG that does not charge transaction fees.”
Maru said the remoteness of many villages called for innovative banking services like the mobile wallet.
“We will not developing a savings culture among our people if they do not have banking services.
“So we must start with school children. They cannot save unless they have access to accessible and affordable banking services.
“This is why the government has invested in the People’s Micro Bank.”
He said that when he presented the first K6 million to National Development Bank to build the Mendi and Kundiawa People’s Microbank branches.
“By 2016, we want to have a People’s Micro Bank in all our provinces.
“I am submitting a budget submission for a further K20 million in the 2015 budget for us to build new branches in the remaining provinces, including Manus, Morobe, East New Britain, Gulf, Western, Enga, Eastern Highlands and Milne Bay.
“Our aim is to grow the small-to-medium enterprises sector to create wealth and employment for our citizens, who will ride on the back of the People’s Micro Bank as a key vehicle to deliver savings and accessible credit to them,” Maru said.
“We cannot depend on private banks whose primary mission is to make profits and grow shareholder value for their shareholders.
“People’s Micro Bank is the only bank in PNG that does not charge transaction fees.”
Maru said the remoteness of many villages called for innovative banking services like the mobile wallet.
“We will not developing a savings culture among our people if they do not have banking services.
“So we must start with school children. They cannot save unless they have access to accessible and affordable banking services.
“This is why the government has invested in the People’s Micro Bank.”
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