No traffic for mobile banking

 By GYNNIE KERO

CLIENTS of the People’s Micro Bank Ltd (PMBL) have been assured of no traffic congestion when using its recently launched mobile banking product.

The micro finance bank was the first in PNG to introduce a product where customers can conveniently check their balances, transfer funds and get mini statements on their mobile phones.

“Our architecture is much different from the other banks, with commercial banks their system is running off Digicel’s main system,” PMBL said in a statement.

“We (PMBL) have our own USSD (Unstructured Supplementary Service Data) server so you do not have the risks of congestion; we host our own server at our data centre so you have the convenience of just passing messages.

“We have actually gone through number of tests on the product and sought approval from BPNG and we have covered all risks to ensure that this product cannot be abused. There are no risks.”

Bank of PNG assistant governor, financial system stability group, Ellison Pidik added: “Mobile phone banking is surely making its mark in PNG.  BPNG’s approach towards addressing inclusive economic growth in PNG is in ensuring an enabling regulatory environment that is necessary for financial and technological innovations and advocate for development of banking products, services and delivery channels. 

“Online and mobile banking channels are growing rapidly in many emerging markets and PNG is no exception. 

“Mobile phones offer numerous benefits in emerging markets; security of money, make payments more convenient and promote other business opportunities for local entrepreneurs. 

“All financial service providers need to be innovative to utiliser smarter technology, banking products and delivery channels, MIS, systems and processes that are essential to deliver services and manage risks.”