Economic growth cannot be viable without financial institutions offering efficient services to corporate entities, right down to the grass roots level.
This was the focus of the New Managing Director for Westpac, Geoff Toone, who formerly introduced himself to the media today in Port Moresby.
Though the country’s economy is predicted to grow with infrastructural developments and increased business opportunities, the security of financial assets and reliable service delivery to Papua New Guineans remains at the forefront of PNG’s first bank.
With a prolific background in the banking industry, Mr Toone emphasized Westpac’s commitment to cost-effective service delivery to the whole range of their clientele.
He also mentioned that issues like long bank lines are being carefully examined and actions have been taken to reduce this burden. Mr Toone also said the SME sector in PNG can be assisted through it services.
Mr Toone stressed the need for a clear understanding to all its customers, including other commercial banks clientele, that there is no fee for using Westpac’s EFTPOS terminals. Apart from this positive, Westpac’s instant handycard deal, where you get your card on the same day you apply and their support in the new accessible loan card known as ESILoan card.
Eighty percent of Papua New Guineans do not own a bank account, a situation that affects the rural based population of the country. It also shows the inaccessibility of banking services in remote parts of PNG. But Mr Toone said that with its current community banking awareness and education programs for first timers in PNG, this could provide a pathway for knowledgeable banking at the rural level.