PML opens 2nd branch in Boroko

Business, Normal

The National – Tuesday 11th October, 2011

THE PNG Microfinance Ltd opened its second Port Moresby branch in Boroko yesterday, allowing better access for its customers.
The Boroko branch was opened by resident representative of International Finance Corp (IFC) Carolyn Blacklock.
The opening ceremony was witnessed by staff members and enthusiastic bank customers who were waiting to transact their business.
As of last year, total assets of PNG Microfinance stood at US$16.2 million while the gross loan portfolio was US$5 million.
Its 57,991 depositors had a combined savings of US$15.1 million and its active borrowers were 2,404.
Blacklock said microfinance institutions such as PML provided a great banking opportunity for small people.
She said IFC operated in emerging countries like PNG to help flourish private sector.
“One way to support the private sector was through PML funds,” Blacklock said.
IFC also provided increased management help and expertise to enhance the operations of financial institutions like PML.
Ravindra Goud, PML chief operating officer, said 
PML had invested about K600,000 for a new branch in Boroko.
He said the location was now more accessible, which could attract new clients.
Goud said the bank offered services and products to suit local grassroots customers.
He encouraged the public to join PML, saying it provided cheaper services.
PML has 65,000 customers nationwide with 12 branches offering competitive rates and asking for lesser requirements.
Meanwhile, two PML Koki customers shared their successful stories in banking with PML at opening ceremony yesterday in Boroko.
An unemployed mother thanked the bank, saying it offered   banking services better than other commercial banks.
She opened her account with just K1 as bank maintenance fee and the bank account has made a big difference in her life.
She said she was now able to sustain her family needs and meet other family requirements.