NDB plans new micro bank service

National, Normal


MORE than two million Papua New Guineans are without access to banking services so the the National Development Bank (NDB) has decided to provide them with passbook services.
NDB managing director Richard Maru revealed this at a two-day managers conference at the Madang Resort.
He said NDB would be applying for a micro banking licence to allow deposits from ordinary and disadvantaged people who could not qualify to open banking accounts with commercial banks.
“It will be a subsidiary of NDB with an ultimate aim of improving the lives of the ordinary people,” he said.
Mr Maru urged his officers not to sit in their offices and wait but to go out and look for people to give loans and improve their lives.
“We must move along with the times as this is what Hela is heading for with the governor’s approval of K90 million for the Hela city development. Don’t sit in your office and wait for money to come but go out and look for people,” he said.
NDB will also be opening an office in Hela with plans to build a two-storey building in anticipation of big developments from the LNG project and Kikori Wharf.
However, he said Mendi, Enga and Kundiawa branches had been shut down as the expenditures of renting the office spaces were very high but they would be served by Tari, Hagen and Goroka.
The conference is held to review the last five years performances after the National Agricultural Bank (now NDB) became insolvent in 2004.
It also discussed the implementation of the business plan for this year and to seek consultation from management and staff on the 2010-15 corporate plan to be launched in June.