Business News

Enga:Banking Service Fee Too High

Public servants and private entities in Enga have raised concerns as to why there is only one Commercial Bank operating in Wabag town.

This has prompted a bank officer to call for the revival of the Nationwide Micro bank.


He says the economic transition in Enga Province has increased the people’s demand for more banking services.


Paul Nokain was initiated and operated as a Nationwide Micro bank agent in Enga Province in 2012.


However the banks closure has prompted an outcry by the public in Wabag town.


Mr. Nokain says, only one commercial bank is operating in the province and the service fees are way too high for ordinary people.


Mr. Nokain says he feels for the vast population who are now left out of a vital service that is needed in most communities.


Meanwhile a growing trend in the informal sector is the use of Eftpos machines.


This service is becoming common in businesses, with second-hand clothing being an example.


Betty, a second-hand store operator, says the use of an Eftpos machine is very convenient and effective.


The question now lies on the government’s capacity to improve and provide relevant banking services to rural populations of PNG.

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