Westpac reaches out to ‘unbanked’ villagers

By GYNNIE KERO
WESTPAC is embarking on a new project “in store banking” as part of its strategy to strengthen retail offering and bring banking services to “unbanked” Papua New Guineans, head of retail banking Adam Downie said yesterday.
He said Westpac was looking at taking on a reversed merchant service, partnering with little stores in villages so clients could deposit, withdraw or transfer funds rather than travelling to urban centres to do transactions.
He said opening of branches in all rural centres was not possible because of the country’s geography and the spread of the mass “unbanked”.
“The bank hopes to double number of accounts with this pilot project,” Downie said.
 “Westpac’s role in the Pacific is more than just providing banking and financial services.
“In many cases, it’s about being a part of the stability and security of a sound financial system, playing an integral role in the local economy and contributing to the social and environmental well-being of local communities.”
Downie said Westpac built products for grassroots customers, who had traditionally been left out of the banking system. 
“In August 2011, the bank launched ‘choice basic account’, a product with no monthly fee, and customers can avoid paying excessive transaction fees by using their Handycard at Eftpos terminals and Westpac ATMs,” he said.
“Westpac has also been providing financial literacy programme to villages and schools on money management skills with tips on saving and controlling spending.
“Other enhancements to Westpac’s innovative products include SMS phone banking, Internet banking platform, ATM network and increasing our presence.