PMBL Mendi Opens for Business
This brings the total number of PMBL Branches in the country to seven. The other locations are Port Moresby, Popondetta, Madang, Kimbe, Wewak and Mt. Hagen.
Managing Director of the National Development Bank (NDB), Moses Liu said a total of K3.5 million was invested to set up the Mendi Branch which is accommodated in the same building as NDB in the Mendi Valley Plaza.
Mr. Liu said apart from providing its services to the people of SHP, PMB will also provide its services to the neighbouring provinces of Enga, Hela and Western Highlands provinces with plans of opening Tari and Kundiawa currently underway.
He emphasized that PMB has been established to promote savings culture amongst the small engaged in micro businesses in the country by providing savings accounts and small loans to finance their businesses.
“To date over 800, 000 people have opened savings accounts since PMB’s inception in April, 2013 and a lot of these people have borrowed funds from the Bank to start and grow their businesses using their savings as security deposits.” Mr. Liu said.
He further said that with the opening of the Mendi Branch, more people in SHP are expected to open savings accounts and borrow funds to engage in businesses and create more employment in the province.
“Most of the people who have opened savings accounts were previously unbanked so PMB is promoting the financial inclusion agenda to integrate the rural and informal economy into the formal economy,” Mr. Liu said,
Mr. Liu said the next branches to be opened will be Tari and Kundiawa.