Micro bank opens Lae unit

 PNG Microfinance Ltd (PML) has set up a branch in Lae to serve Morobe’s informal economy and small-to-medium enterprises.

Chief executive officer George Mathew said: “PML extends the financial frontier through adequate savings and lending designed to meet the banking demands of disadvantaged clients at affordable cost.”

PML provides seven savings and six lending products that are based on customer requirements.

The savings products included personal, school fee and school savings, Krismas moni, equity, term deposits and financial inclusion savings account (FISA). 

The loan products included SME for small entrepreneurs, micro, fast track, wok lain dinau, oil palm, Wanbel group and PML Pei service.

The Lae branch was an extension of 14 other networks that include Lake Murray, Kiunga, Balimo, Tabubil, Daru and Obo in Western, Kimbe and Bialla in West New Britain, Popondetta in Northern, Boroko and Waigani in national capital district and Mt Hagen in Western Highlands.

Bank of Papua New Guinea (BPNG) deputy governor Benny Popoitai said the government has realised some of the banking constraints small people face.

“Almost 70% of the illiterate population face savings problems and PML ensures it reaches out to those disadvantaged people to enable them to access banking services,” Popoitai said. 

He said investing in Lae is very important not only in terms of its increased industrial activities but also because of its role in the country’s economy.

Popoitai said parents need to take the lead by teaching their children on money matters especially on how to save it in the banks.