Bank set to boost clients

 THE recently opened People’s Micro Bank aims to register 20,000 customers by the end of the year, the small to medium enterprises (SME) summit in Madang was told yesterday.

Chief executive Anthony de la Cruz said despite being the smallest bank in PNG, it was the fastest growing since opening for business in April.

“At least half a million kina in deposits on a monthly basis is being done which means that Papua New Guineans have money,” he said.

De la Cruz said in the past three months, the bank had received K3 million in customer deposits due to its low lending and savings rates.“People’s Micro Bank allows people to make deposits of K10 with no hidden charges,” he said.

He added that 5,000 new accounts were opened in one day in Port Moresby alone.

The SME summit is the initiative of Commerce and Trade Minister Richard Maru and is being held at the Divine Word University in Madang. 

Other government ministers who attended the summit include Charles Abel (Planning and Monitoring), Benny Allan (Lands and Physical Planning), Loujaya Toni (Community Development), Delilah Gore (vice-minister Treasury) and governors Gary Juffa (Northern), Noah Kool (Chimbu) and Jim Kas (Madang).