MICASH MOBILE MONEY EXCEEDS K10 MILLION IN TRANSACTION VALUE IN PNG

MiCash mobile money  transactions have recently exceeded K10 million in transaction value, according Nationwide Microbank Managing Director Mr. Tony Westaway. “More than 60% of our transactions in value are deposits. Retention of savings has been excellent indicating that our customers find MiCash as a safe and secure way to conduct their Banking”, says Westaway.

MiCash is a Mobile Wallet and Bank Account that is available on a Mobile Phone, attached to the Digicel network. Nationwide Microbank has been rolling out their Mobile Wallet across a number of Provinces in PNG, in order to extend their outreach and ‘bank the unbanked’.

Their strategy has been to concentrate on the rural areas. Westaway adds, “Initially we focused on obtaining new accounts from un-banked or under-banked citizens. However many of our existing passbook customers are now seeing the value in MiCash and we are beginning to convert our existing client base of 130,000 customers as well”.