The National Development Bank Limited has established its micro banking subsidiary; People’s Micro Bank Limited (PMBL) in line with the Government’s Wealth Creation Agenda of providing the vast unbanked population with access to banking and inclusive financial services. PMB is a licensed and regulated financial institution which operates with a Banking Business License under the Bank and Financial Institutions Act 200 issued by the Bank of Papua New Guinea in January 2013. It operates under an independent Board of Directors with high calibre professional qualification with technical, legal and commercial expertise and with high standing in the business community. The Management and staff comprised of seasoned and experienced calibre banking professionals of high standing. The PMBL was set up to provide more opportunities to the marginalized and unbanked population to get easy access to banking services and affordable credit to start up or grow their income generating activities. It aims to integrate millions of unbanked rural population into the mainstream economy and create a distinction in the banking industry as the fee-less and most affordable bank in Papua New Guinea.
In only less than 2 years since its inception in April 2013, the People’s Micro Bank has emerged as a very competitive player in the provision of inclusive financial services to approximately 40,000 bank customers that are either unserved or underserved by existing financial institutions. It continues to expand its client reach through its 5 branch networks that are strategically located in PNG’s key economic centers namely; Boroko, Madang, Wewak, Popondetta and recently, Mt Hagen. The last 2 years has also seen the massive improvement in PMBL’s viability and a strong indication to become operationally viable in 2015. Guided by its mission to make banking services accessible to the unbanked population, it has developed a distinct strategy and market brand as a fee-less and customer-friendly people’s bank.