Kina Bank’s digital revenues have reached K26 million in 2021 from a zero base in the previous year, says the Kina Bank CEO Greg Pawson.
He said this was helped by an increase in the number of point-of-sale terminals, merchant facilities and the internet payment gateway.
“Our focus has been on delivering always first marketing lending propositions for both our consumer and SME customers.
“In 2021, we developed and launched our SME banking package incorporating enhancements to our corporate online banking platform.
“Heading in 2022, digital acquisition will support our ability to build market share,” he said.
The bank also launched its largest file administrator in PNG called the “single view”, that will have access to data on all Papua New Guineans and employers.
Mr Pawson said this creates an exciting opportunities for Kina to provide financial services and potentially lending products to a vast number of superannuates, via the major provident funds using our “bank as service” mode. The bank also confirmed that they are in their final stage of launching their IT Hub based out of Fiji.
“Fiji’s IT talent and 5G network is an ideal location to access cost effective technology infrastructure.
“Initially we will have a test and learn centre with 6-10 staff supporting our core businesses in PNG and managing our product propositions and innovation.
“This team will also assist with our bank as a service model in developing essential partnerships faster,” Mr Pawson said.
He also highlighted the bank’s financial performance for the year 2021 with an underlying net profit after tax compound growth rate on year on greater than 25 per cent.
“We have growth our customer base form 25,000 three years ago to over 186,000, and with our strategic investment in MiBank- the nation’s largest microfinance organisation , we now reach over 625,000 Papua New Guineans.
“Most of this customer growth was organic as well as from the ANZ acquisition.
“Deposit and Lending growth across all segments was strong and pleasingly we have established a good position in the larger commercial and corporate sector,” he said.