Microbank: 92% of population do not bank their money

Business, Normal

The National, Wednesday, May 25, 2011

ABOUT 92% of the population in Papua New Guinea  do not bank with any banking and financial system, which means there is a huge untapped market out there, revealed Nationwide Microfinance Ltd managing director Tony Westaway.
Speaking at the launch of last year’s  annual report and the new look website yesterday, Westaway said Microbank recently learnt about this and now extended beyond their walls to work in communities, whose customers were usually street vendors, small tucker shop retailers, bakers or subsistence farmers.
“We seek these people out and we bank them. No one else will,” he said.
He said recently, the bank reached a significant milestone by achieving the 100,000th savings account.
The customer was Tommie Seriate from Koropa village in Unggai-Bena, Eastern Highlands.
Westaway said she was a coffee subsistence farmer who had previously tried to open accounts at the two commercial banks but was unsuccessful.
But through the Goroka branch, she was able to do so.
Westaway said this story provided hope to people and made their dreams come true.