INAUGURAL NATIONAL AGRICULTURE SUMMIT LAMANA HOTEL Port Moresby 20th 22nd November 2017

Transcription

1

2 INAUGURAL NATIONAL AGRICULTURE SUMMIT LAMANA HOTEL Port Moresby 20th 22nd November 2017

3 Outline Brief Background of MiBank Services provided Constraints and Innovative Solutions Financial Literacy Training Q & A

4 Brief Background Independent Board Wholly PNG Owned shareholders are Melanesian Trustee Services Ltd, Lihir Landowners and GoPNG Self Sustaining Loan Book of K51m, PAR at 7.6% and Deposit Book of K67m Customer base at 195,000 34% Women Accounts

5 Vision To be a commercially sustainable Bank that contributes to financial inclusion.

6 Mission A trusted banking institution, with strong commercial focus, that delivers innovative and affordable financial services, to meet the needs of its customers.

7 Our Core Values Integrity Transparency Commitment Passion Teamwork Service

8 MiBank Brief History and Achievements 2004: Wau MicroBank 2008: Changed name to Nationwide Microbank Ltd with a Full License from BPNG 2011: Reached 100,000 customers 2012: Became first bank in entire pacific to launch bank led mobile wallet 2012: Earned award for most innovative company of the year 2016: Traded as MiBank and issued Debit Cards

9 Services Provided Savings Loans Fixed Term Deposits Foreign Exchange Electronic Banking Financial Literacy Training

10

11 Constraints facing Microbanks Lack of Funds to build Brick and Mortar Buildings Lack of Internal capacity to deliver services Limited delivery channel options Difficult to access Data on Agriculture Rugged Terrain to do business Security Concerns for Staff and Bank Properties Staff Housing Issues

12 Our Strategic Partners Empawa

13 Digicel Network Coverage Area Used by permission from Digicel PNG

14 Level of engagement Product Innovation Adding Value to existing Services Easy Customer Access Promote Financial Inclusion for the unbanked

15 Delivery Channels Urban Outlets Rural Agents Changing Trends and Evolution of Technology

16 Agriculture Farmer Payments To make payments to Farmers directly using MiBanks mobile wallet. MiBank solution is to speed up the payment process with instant payment at point of sale. Farmers are then at liberty and own timing to encash these proceeds at the MiCash Agent or BSP merchants and BSP ATMs.

17 Road Work Contract Payments Previously, team leaders picked up cash/cheques in Buka and moved cash/cheques in bags and pay to each individual field worker. Cheques are cashed at local trade stores causing inconvenience and financial disadvantage of some sort to the customers such as fees are being charged and/or customer forced to purchase a set amount of store items to enable encashment of the cheques. TSSP shifted the payment method to transfer of funds electronically to individuals. Currently working successfully.

18 Innovative Solutions beyond providing Finance

19 Empawa Solar Pay-as-you-go (PayG) MiBank has a Billpay option on its MiCash Menu that enables Account holders to remotely pay for Solar Powered lights via an installed Solar Meter box. Payment of Solar via MiCash triggers an 8 digit token sent via SMS to the MiCash customer s phone from the Empawa Remote Server which is then punched into the Solar meter box that will then power the solar lights. The Cost of purchasing the Solar Kit is included in the direct purchase of Solar power Units using the Empawa Bill Pay option and will be spread over twelve (12) months to pay-off. Loan Book is maintained by Empawa

20 Bulk payment uploads Bulk Customer Upload for Unit Holder Accounts B2P Business to Persons Superannuation Contribution via MiCash (System Integration) P2B Person to Business

21 Micro (Life) Insurance Type of Insurance Product: Insurance Underwriter: Life Insurance Policy Capital life Insurance Monthly Price due Level of maximum insurance cover provided K 6.75 K 8,000 K 13.5 K 16,000 K K 24,000 System integration with Core Banking System that creates an automated standing order on customer account Customer Registration is online to Core Banking System via remote use of Tablets Support provide by BIMA Customer Care / Call Centre Joint Branding and Marketing

22 Interactive Financial Literacy Training Goal based Savings Training Teach Basic Budgeting Basics of applying for a Loan Product Demo/Awareness and Training Trainees are encouraged to open a Bank Account to commence savings Partnership with CEFI, CBOs, NGOs, FBOs. Eager to engage with Government and Private Sector in the Agriculture and Resources Sector.

23 End of Presentation