New financial institution welcomed

 THE Bank of Papua New Guinea has welcomed last Thursday’s opening of People’s Micro Bank, a 100% owned and operated subsidiary of the National Development Bank.

Deputy governor Benny Popoitai said the opening of the new bank was timely, given the push for increased “financial inclusion” in the country.

“We welcome the opening of this bank,” he told The National.

“It enhances the financial inclusion strategy of the bank.

“We’ve been saying this all along since we became an agent of the Asian Development Bank, World Bank, and the government of PNG to roll out micro finance in PNG.

“It (People’s Micro Bank) enhances financial inclusion, another institution that reaches out to our disadvantaged people.

“We hope to see more of these financial institutions spring up and provide advantages for the small people.”

Popoitai said while the new bank had been granted a commercial target, its primary target would be the small business sector.

“They are a micro bank. They serve a particular segment of the economy. 

“They are to serve the economically-disadvantaged population of our country, not the established businesses.”