MiBank opens branch in Kokopo for Islands region

The new MiBank branch in Kokopo will serve the Islands region using digital technology and financial inclusion programmes, says bank chief executive Tony Westaway.
“MiBank is an innovator in micro finance and the use of digital financial services,” Westaway said.
The branch opened last Friday.
Westaway said the bank aimed to reach out to ordinary people in East New Britain and throughout the Islands provinces.
Bank chairman Allan Marlin said the bank could play a key role in developing the economy of East New Britain.
He said this would be possible through innovation and the bank’s willingness to be involved in value chains, with linkages to commodities such as cocoa and copra.
“MiBank works closely with various development partners such as the Asian Development Bank, to identify opportunities to support agri-business,” Marlin said
The branch was opened by Bank of PNG Governor Loi Bakani.
Bakani said MiBank started from humble beginnings as Wau Microbank more than 10 years ago.
“It is good to see that its board continues to drive expansion and extend innovative products and services for the grassroots people,” he said.
Meanwhile, Bank of Papua New Guinea has issued a ‘no objection’ letter to allow MiBank to market Term life Insurance under the banner of BIMA MiLife, Westaway said.
He said MiBank had an existing term life micro insurance product known as MiLife, developed after extensive research by the bank and which focused on causes of financial stress for citizens.
“MiBank has now joined with a new underwriter in Capital Life Insurance Company, and a new distributor in BIMA, to re-launch the product under the new name of BIMA MiLife,” Westaway said.
“The distribution model will leverage off MiBank’s considerable mobile banking customer base.