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PNG Kina bank invests in MiBank

Papua New Guinea Kina Bank announced it is acquiring a 15% stake in microfinance institution MiBank, signaling a big step forward for financial inclusion in PNG.

The partnership sees the two banks offering customers the largest national footprint of all banks and financial institutions in Papua New Guinea.

Through a combined network of branches, customer agents and digital channels they will offer customers over 1,500 customer touch points.

Kina Bank and MiBank have agreed to work together to significantly expand financial inclusion in PNG; helping more unbanked Papua New Guineans enter the formal financial services sector.

Kina Bank’s Chief Executive Officer, Greg Pawson said: “This is an important milestone for both our organizations and for PNG.

Kina Bank and MiBank also entered into a mutual referral agreement for SMEs.

Under this agreement, Kina Bank will refer micro and small enterprises, falling outside of its customer limits, to MiBank, while MiBank will refer SMEs who have lending requirements exceeding MiBank’s limits to Kina Bank.

Kina Bank will purchase 2,239,148 ordinary shares worth PGK2.5 million representing a 15% stake.

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