|PNG's Micro Bank to become Commercial Bank. Photo: Mibank staffer with bank card Mibank Twitter|
Papua New Guinea Trade , Commerce and Industry Minister Richard Maru has urged micro-banks to upscale into fully-fledged commercial banks and provide competition in the banking industry.
Maru said the Government had given K6 million to the People’s Micro Bank in the 2016 Budget to become a commercial bank.
He officiated at the launching of the People Micro Bank Ltd’s website, EFTPoS terminal and ATM machine in Port Moresby.
Maru said it was the first micro-bank to have a social licence and commercial banking operations.
“The People’s Micro Bank compliments the entry of the Kina Group into the commercial banking industry,” he said. Maru assured the board and management of the People’s Micro Bank of continued Government support.
“The Government provided K15m last year to open five more branches.”
He said the Government had allocated K6m in the 2016 budget to expand the bank’s network and provide competition to the commercial banks.
“Use the K6m in up scaling its core banking infrastructure and capacity in order to apply for a full commercial banking license from Bank of PNG where you can offer cheque accounts, foreign currency services and other banking products and services.”