MiBank General Manager, Tony Westaway, used social media to announce that over PGK33 million has been deposited through its MiCash and Mobile Money products since its inception in 2012.
This is a phenomenal amount of deposits from the grassroots and the rural sector.
Westaway added that out of the PGK33 million in deposits, up to 80% of those deposits came from the rural sector and 38% of them are women.
Much of the results is attributed to MiBank’s continuous and consistent approach in conducting education programs to help the rural and informal sector what financial literacy is and why it is important to them. The results indicate that that awareness is paying more dividends not just from a monetary point of view but from a community point as well.
As part of its financial literacy education program, MiBank has conducted awareness in many parts of the country from Central Province villages like Tubusereia and Porebada to Mangiang Village in the Makham Valley.
For so long, those in the rural areas have found it almost impossible to do any banking due to the lack of infrastructure to make banking available. But as mobile numbers grow, the opportunity to bridge the gap between the banked and the unbanked has drawn closer through MiBank’s innovative product MiCash.
MiCash is an exciting and innovative product that is a Bank Account of which transactions are operated through a mobile phone. The ability to execute financial transactions through a mobile device is commonly referred to as Mobile Money.
It is estimated that 85% of Papua New Guineans do not have a bank account but do have a mobile phone. The role of MiCash can be seen as a means of, as MiBank terms it “banking on the unbanked”.
MiBank has set up MiCash agents in the rural areas making it even more easier to conduct banking business through these agents.
Much of the deposits come from the agribusiness, an industry that has so much potential to contribute to the economy yet being disadvantaged due to lack of infrastructure as well as banking facilities. But that is gradually turning to be a thing of the past as communities look towards utilising MiBank for their business as well as personal banking needs.
Here’s for another PGK33 million!