31 May 2011

PNG microbanking gets 100,000 customers

1:29 pm on 31 May 2011

A microbanking service in Papua New Guinea, which began seven years ago with aid from the Asian Development Bank, has now signed up 100,000 customers.

The ADB says the success of the Nationwide Microbank shows the ongoing demand for quality and accessible banking services.

The ADB estimates that only 15 percent of the overall population has access to formal or informal banking facilities, and that the figures are even lower in rural areas.

It says this means many small firms can't get the finance they need to expand their businesses and individuals are unable to borrow to meet their financial needs or securely save their earnings.