NDBIL opens first convenient shop

 NATIONAL Development Bank Investments Ltd (NDBIL) has opened the first convenient shop in Port Moresby to mark the re-introduction of the Stret Pasin Stoa scheme. 

The Stret Pasin Bisnis incubation programme, coordinated by the NDB Investments Ltd, was first introduced in 1976 as the Stret Pasin Stoa Scheme. It ran successfully till the mid-1990s.

In 2011, the decision was taken for NDB to reintroduce the programme.

NDBIL chief executive officer Des Yaninen said the programme aimed to allow indigenous PNG couples to operate shops and eventually become owners.

“The programme has six stringent tiers – eligibility, credit check, examination, training, business management where candidates will be awarded businesses to operate,” he said.

“NDBIL meets the establishment cost and the couples are then given the opportunity to operate and eventually become the owners.

“Under the programme the NDBIL set up retail shops and then select and train managers to run the operations.

“Go Shopping is the first out of nine shops that we plan on setting up in various centres in the country.”

Taninen said the “Go Shopping” at Hohola, Port Moresby, is no different to the 7/11 shops abroad.

“Go Shopping is all about providing a great service at the convenience of the customer by providing everything under one roof,” he said.

Yaninen stressed that Papua New Guinea has a high failure rate of startups.

He added that global figures indicated that new small medium enterprises (SMEs) fail at the first five years of operation.