MiBank (Nationwide Microbank PNG) has launched a new ATM & EFTPOS Card called MiCard. Managing Director Tony Westaway advised the media that “this new Card will replace individual passbook savings accounts with MiBank. Our customers will use MiCard to deposit and withdraw cash throughout our network of 12 branches. In addition those customers who have a MiCash Mobile Wallet will also receive a MiCard, which will be linked to their Mobile Wallet.” This according to Mr. Westaway “will provide maximum flexibility for rural dwellers who can use their mobile phone for banking in the village, but when customers travel to urban areas they can elect to switch to using the MiCard”
MiBank has also signed an ‘acquirer’ agreement with BSP. This means that the MiCard will be accepted throughout BSP’s extensive ATM & EFTPoS network in PNG, in addition to MiBank’s own branch network.
The MiCard product offering by MiBank is seen as another innovation from PNG’s oldest and largest micro bank. MiBank began as Wau Micro Bank back in 2004 and in 2008 changed its name to Nationwide Microbank. With the onset of new micro banks entering the market it now trades under the name of MiBank to avoid confusion with the newer entrants.
MiBank has consistently taken new innovative products to market, including in 2011; the first bank led deployment of Mobile Money in the South Pacific, known as MiCash; the first micro insurance product in PNG called MiLife, in partnership with Pacific MMI Insurance, and more recently the Mifx online foreign currency payment service, in partnership with Heduru Moni Limited.