It’s part of our on-going commitment to a better banking experience for all Papua New Guineans.
Fee Free banking from Kina Bank
Chief Executive Officer, Greg Pawson, revealed Kina Bank’s bold ambition to modernise PNG’s financial services sector with plans for 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.”
In 2020 Kina Bank made their first step towards fee free banking with their 3-year fee free Visa cards for customers with a home loan, through their Prime customer offering. Prime also comes with the lowest fixed rate home loan rate in PNG history of just 5.47% pa. In addition, the bank took a market leading position by lowering fees and charges for POS and
their digital banking channels.
“We want to continue this trend in 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.