Bank must be ready for Stret Pasin Stoa Scheme

THERE has been much coverage on the re-introduction of the Stret Pasin Stoa Scheme (SPSS) recently.
The scheme was established recently due to the following factors:
l    Training, bookkeeping and ac­counting servi­ces could be provided to all stores under the scheme at a minimum fee;
l    Stores and properties were available for the bank to purchase and renovate into mini-supermarkets;
l    The bank owned and operated a central wholesale company that supplied to all SPSS chain of companies; and
l    The SPSS is a way forward for Papua New Guineans who are not able to obtain  loans from commercial banks to start up their own business.
However, how many of these SPSS stores are still in business today?
Some businesses folded after the bank withdrew their management and ac­counting services. Why is that?
The government’s decision to allocate money to the bank is applauded as past governments had under-funded the bank.
As for the bank, it needs to convince the government that it has the expertise and capacity to roll out the programme.
I am of the view that the scheme has served its purpose and, in this millen­nium, Papua New Gui­neans are well-versed to negotiate for their own fi­nancial requirements with any bank of their choice, including the National Development Bank.
The funds should be directed towards various agricultural industries such as cocoa, coffee, co­conut and oil palm.
The bank has been advertising vacancies in the newspapers.
I fear that it suggests that they are under-capacity and may not be ready to administer the funds allocated.
I hope this is not true as many applicants have shown interest and have responded to the reintroduced programme.

Dika B Harry
Port Moresby