New bank to introduce cell banking

 The People’s Micro Bank will soon introduce electronic banking and mobile banking services, chief executive officer Anthony Dela Cruz said.

“We will introduce electronic and mobile banking technology to serve a massive client outreach of over three million indigenous grassroots population over a 10-year period,” he said.

Cruz said the National Development Bank has invested more than K3 million in capital investment to develop its electronic banking platform.

“It has embarked on testing new electronic delivery channels such as the SMS banking, debit cards, mobile banking and ebanking devices such as EFTPoS and ATM machines that will be offered to its customers in the next 6-12 months.  

“Customer base is over 30,000 and growing stronger. At least 35% of our total customers are women and 70% of all loans funded were business loans,” Cruz said.

The People’s Micro Bank, a subsidiary of National Development Bank (NDB), was opened in April last year and was aimed at promoting local small to medium entrepreneurs (SME).

The establishment of the bank was aimed at helping locals who were fed up of being charged all kinds of fees. The People’s Micro Bank charge customers a fee of K10 during opening of an account and that fee keeps the account going. No other withdrawal, deposit, monthly, ect, fees are charged.  

The bank has branches in Port Moresby, Madang, Wewak, with Popondetta to be opened in two weeks’ time. The regional branch in Mt. Hagen is currently under construction.