Kina, MiBank eye better services

KINA Bank and MiBank have entered into a mutual referral agreement for small-medium enterprises (SMEs) to help provide better services across PNG.
Under the 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 their limits to Kina Bank.
The referral process creates a graduation pathway for businesses to help them grow and become more successful.
Kina Bank chief executive officer Greg Pawson said: “Supporting the SME sector is a key part of our strategy and we are committed to investing in business in PNG.”
“As a dynamic and agile business, our teams have significant expertise in tailoring products and services for the changing needs or our clients.
“We have a strong track record in developing custom-built programmes to help businesses grow. We are delighted to partner with MiBank to expand these services even further.”
MiBank chief executive officer Tony Westaway said: “MiBank’s target market segment is those citizens at the bottom of the economic pyramid.”
“However, many of them are micro entrepreneurs and we give these people opportunities to grow their small businesses, as they transition from the informal to the formal sector.
“At some point they may require the more complex lending products that a commercial bank has on offer and it is at that point we can pass these customers over to Kina Bank.”