ALL commercial banks and financial institutions in Papua New Guinea want to make profit.
No one bank wants to make a loss at the end of every financial year.
However, the banks’ quest for annual profits should not punish our people who operate bank accounts in these banks through all kinds of fees and charges on both deposits and withdrawals.
I urge our parliamentarians to pass specific legislation to control the banking industry so that they do not punish our people who operate bank accounts.
Furthermore, interest rates charged by these banks must be lenient so it opens the door for more of our citizens with good business ideas to secure finances from banks to venture business.
All banks must be strictly regulated and monitored so that they are operating not only to increase their annual profits but to be lenient and receptive to our citizens needs.
The banks must do their part to help our people to start businesses and contribute towards our economic growth and prosperity.
Without the people, banks are mere buildings with no one to operate their business.
It is important that profit motive must not transcend and further undermine the importance of people participating in the banking industry to move PNG forward.
Mt Hagen, WHP