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Port Moresby
April 20, 2021
Finance News Papua New Guinea

Kina bank to offer fee free banking

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Kina Bank CEO, Greg Pawson has reveal in a statement Kina bank’s plans to modernize PNG’s financial service sector with fee free banking.

“We want to take banking back to basics with better customer service and no unnecessary fee gouging. We think this is morally and ethically the right strategy,” said Mr Pawson.

“We will soon launch our new everyday account that will come with no monthly account fees and no eftpos fees. We are also looking to extend this fee free banking option to other products and services to bring down the cost of banking for everyone across PNG.

Kina bank took the first step with their fee free banking back in 2020 when they introduced their 3-year fee free Visa cards for Kina bank customers with a home loan through their Prime customer offering.

Prime also offers the lowest fixed rate for home loans at 5.47% per annum. This also being the lowest rate in PNG history.

By this, the bank took a leading market position by lowering their fees and charges for POS and digital banking channels.

CEO Pawson says, Kina bank wants to carry on the successful services offered in 2020 into the new year 2021.

“With the additional scale, customers and footprint of the proposed acquisition of Westpac’s Pacific businesses, we will be able to introduce further fee free options, making banking affordable for everyone, continue to drive innovation and introduce more choice for customers. The acquisition is subject to regulatory approvals, but we see this as an exciting opportunity to create something really special for banking and financial services in PNG,” he said.

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