Kina Bank

According to Acting Central Bank Governor Benny Popoitai, the notes in question were, in fact, old notes that were still in circulation.

The validity of the notes in question has also been confirmed via public notice by Bank of PNG, the regulator and wholesale supplier of currency to banks.

In a statement, Kina Bank said they will also be assisting BPNG to circulate these notices to the public through its branch and ATM network.

Milk in School program with the generous support of Kina Bank will continue until the end of the fourth term at the cost of K100,000.

The program, which was launched last month at Nonu Independent Primary School, continues to give out frozen milk stiks and other milk products such as Ilimo joy milk, joy juice and joy water.

Nonu Independent Primary School is a private school, which has classes from Elementary prep to Grade 8.

Kina Bank is committed to the empowerment and growth of Papua New Guineans and doing good for the communities they serve.  In partnership with Ilimo Dairy Farm, Kina is supporting the good nutrition, growth and development of young children, who are the future of our country.

In this new senior leadership role, Ugava-Taunao will take a position on the executive committee, demonstrating Kina’s continued commitment to promoting PNG women into leadership roles.

Ugava-Taunao joins Kina Bank with a distinguished career, having worked in international development, organisational transformation and human resource development and leadership.

For 18 years, she has built a career that spans across international borders and sectors.

After a thorough review, the bank is re-structuring its Indicator Lending Rate (ILR) to modernise it and bring it into line with international norms and practice, making it the lowest ILR in PNG.

The bank will reduce its ILR and be effective as of June 1^st to 6.25 per cent. 

The ILR in PNG is the predominant reference rate offered by banks on loans to businesses. 

With this new everyday banking transaction account, customers can now save more with no eftpos and monthly account maintenance fees.

Kina bank says with less or no fees charged they believe customers can save a lot more and control their own finances easily.

CEO Greg Pawson said Kina Bank want to take banking back to basics with no unnecessary fee gouging.

Pawson emphasised this is the morally and ethically right strategy.

The bank is funding the Kokoda Track Foundation-administered FODE program and providing mentoring by bank staff to students enrolled at the centre.

The one-on-one mentoring program offers students the opportunity to connect with young and seasoned professionals across the bank who provide coaching, and help with their studies, assessments and to prepare for exams.

Building on the success of last year, students have direct personal access to a mentor who can guide them on their path to success and help them reach their goals.

ANZ Kokopo Branch Manager, Dessie Buka, said: “My training has been really thorough and once I’ve finished, I’ll be supporting my team with continuous training on Kina Bank systems and processes.

“The systems are very similar to what we have been using at ANZ so it has been very straightforward. We’ve put a lot of effort into making sure the experience is as seamless as possible for customers because we all want to ensure that everything goes smoothly from day one,” Buka said.

This follows an agreement that ANZ’s Retail, Commercial and Small-Medium Sized Enterprise (SME) customers would transfer to Kina Bank on September 23.

CEO Greg Pawson said this at the recent Port Moresby Chamber of Commerce and Industry (POMCCI) Business Breakfast.

He said this is part of Kina Bank’s aim to be a competitive player in the sector by offering low and competitive home loans.

Pawson said three months ago Kina Bank introduced its home loan products which have seen great interest.

“We launched a very competitive low variable rate home loan about three months ago and it’s fair to say the activity, the buy-up and the volume that we have seen has been really impressive,” he said.