KML launches 7 new banking products

Business, Main Stories

The National – Monday, January 31, 2011

MEMBERS of Kokopo Microfinance Ltd (KML) can now avail themselves of seven new banking products.
Last Wednesday, KML launched the new products, namely the KML saver and bungim interest-bearing deposit; two general purpose loans (GPL1) –  smaller loans up to K5,000 –  and GPL2 which is above K5,000 to K10,000; two small business loans (SBL 1) of K100 to K5,000 for informal businesses; and SBL2 which is above K5,000 to K20,000 for formal business and a school fee loan.
Managing director Elison Pidik said the launch marked a “significant milestone and achievement” of the microfinance institution paving the new way for doing business for its customers.
Pidik said a significant proportion of its customers were village farmers.
He said the institution’s board had embraced KML in designing banking products to ensure products offered were “simple, relevant to village farmers and ethically aligned with society values”.
He said these values have been the guiding principle in designing the launched projects.
Pidik said the vision of the KML board was “Kokopo Microfinance Ltd emi poroman bank bilong yumi stret” with the motto “banking for unbanked”.