KMF launches mgt info system

Business, Normal

The National, Tuesday 24th January 2012

KOKOPO Micro Finance launched its management information system and obtained an original banking licence from the Bank of Papua New Guinea last Friday.
While launching the BankSoft system, KMF managing director Ellison Pidik said Banksoft was an integrated branch automated software which will facilitate all banking activities  online and certified by Microsoft.
Pidik said the system was secure and expected to make auditing easy.
The system could also accommodate a liability management, enable the institution to set up ATMs and cell phone banking in the long-term.
“We saw the need to have this system as we are expecting an influx of people into the province very soon as the province is fast developing,” he said.
Bank of Papua New Guinea governor Loi Bakani, while presenting KMF’s original banking licence, praised the board of directors and management of KMF for working together.
“The success of this institution depends very much on the integrity of the Board and management,” Bakani said.
“You must uphold the trust and confidence bestowed upon you … the institution would best function under your commitment, honesty and diligence.”
He said lack of these values would cast doubt on the credibility of the board and management and the institution would not be able to achieve its objectives.
KMF and East New Britain provincial government had also launched their private-public partnership (PPP) programme also last Friday.
The provincial government, under the instrument of the provincial executive council recently, approved a financial allocation of K900,000 to promote and strengthen small and medium enterprises in the province.
This would be managed by KMF under the PPP initiative.
“I believe in PPP because it is transparent, accountable and productive and with the money we have allocated to KMF, it is up to you members to access this money.
“Learn to save money, borrow money and grow money,” deputy provincial governor Boniface Setavo said.
He said the provincial government had also allocated an additional K200,000 to KML for administrative costs to assist members to access loans with low interest rates.
“The money is not free … it is for you to borrow and participate in projects,” Setavo said.
The provincial government presented a cheque for K400 000 as initial payment to KMF last Friday to launch the partnership programme.