Technology vital for business

Business

THE cost of doing business in the country is extremely high, thus an improvement in the communications industry will greatly improve businesses, an official says.
Chairman of the Fincorp board Robert Igara said a challenge for financial institutions was for a proper and efficient communications industry so that products developed to ease businesses would be beneficial to all.
Igara said during the launching of Fincorp’s business loan app yesterday that the realities in Papua New Guinea showed that technology could provide the breakthrough required by service providers to help small to medium enterprises in the country.
“As financial institutions, our challenge is to bring something real to our customers. Something they can use to further their businesses, to help their communities,” he said.
“And the challenge for our government is to improve the communications infrastructure. They need to provide efficient reforms for the communication businesses such as Telikom, bmobile-Vodafone, so that we can deliver innovative products.
“PNG is lagging behind many overseas countries but with the right technology available to help us, we can lift our SME sector.”
Igara said the new business loan app would allow business owners outside Port Moresby to apply for loans and be advised of their status within 24 hours.
“For an outer provincial business owner to travel to Port Moresby to conduct his business is costly,” he said.
“With the advancement of technology and the availability of such innovative products, we can cut down the time required to visit financial institutions to get the service they want.
“It takes close to three months for any financial institution to address a business owners’ needs.
“But with this app, you can download the application forms, fill the necessary information and within a week, your loan is approved, pending meeting all criteria.”

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