Post PNG, FinCorp ink deal on mobile SMK loan

Business, Normal
Source:

The National, Tuesday 29th November 2011

POST PNG and FinCorp have signed a deal to deliver fast loan payment through Post PNG mobile SMK and to make FinCorp loan available to qualified customers at selected Post PNG outlets nationwide.
The two organisations signed the agreement yesterday at the Post PNG office in Port Moresby.
Chief executive officer of Post PNG Peter Maiden said under the strategic partnership between the two organisations, FinCorp customers would be able to receive their loan disbursement through mobile SMK and FinCorp loan applications could be submitted at selected post offices nationwide.
“This partnership between Post PNG and FinCorp is great for Papua New Guinea where less than 10% of the population is banked or have access to formal financial services.
“This partnership will open up financial services to many of the un-banked in PNG,” Maiden said.
He said it was time consuming and expensive for those working in towns to send money back home to their relatives who had to withdraw money at the bank.
“With the FinCorp loans being able to be received directly onto their mobile SMK account on their phone, they can, from the convenience of their home or work place, immediately send it to their wantoks in the village,” Maiden said.
He said in addition to FinCorp loan applications being submitted over the Post Office counter at selected locations, the new service was making things easier with mobile SMK bridging the banked with the unbanked.
Maiden also thanked managing director of FinCorp Tony Witham and his management team for the strategic plan and said this partnership would go a long way in assisting the people.
Witham said he was pleased that the two organisations had partnered not only to transfer funds, but also to offer a level of service not normally seen in the remote and rural areas.
He said the with the rapid changes in technology worldwide, Post PNG and FinCorp realised that the way people do banking had changed and will continue  to change.
He congratulated Post PNG for the innovative technology of mobile SMK.