The Nationwide Microbank Limited (MiBank) reached another milestone in its steady growth as one of PNG’s premier financial institutions. In December 2014 it celebrated 10 years of successful operation of business. The Microbank, now known as MiBank, also opened its new Waigani Central Branch as well as launching of its new MiBank logo.
The Bank first opened its doors as Wau Microbank in April 2004 as a pilot scheme of the PNG ADB Microfinance Project. The Governor of Bank of PNG, Mr Loi Bakani, officiated at the 10th anniversary function which was also attended by a number of people who were involved in the establishment of the Bank.
Managing Director Tony Westaway, in addressing the audience spoke of the many products that MiBank has introduced over the years including Mobile Money and Microinsurance. He noted that MiBank continues to drive innovation in PNG, evidenced by the recently launched online foreign exchange service called Mifx, a service designed to make foreign remittances more affordable for ordinary Papua New Guineans.