TISA BANK’S “AGENCY BANKING” TARGETS BILLIONS UNBANKED MONIES

By Therese PIDIK, Port Moresby

TISA Bank is now looking into rollout its Agency banking, a setting to provide banking accessibility services to the unbanked population with a massive K15billion unbanked monies in circulation in the country.
According to TISA Bank Chief Executive Officer, Mr Sunil Pokharel, the bank is awaiting approvals from the Central Bank to start establishing its agencies in the country.

Mr Pokharel says, through the agency banking roll out, it will increase TISA Banks footprints nationwide, providing banking services to the people, mostly SMEs and MSMEs. He mentioned this when speaking on the Nasfund Fm100 Talkbalk Show yesterday, together with the TISA Group CEO, Mr Michael Koisen.

In the meantime, Mr Koisen during the discussions highlighted that, TISA bank designs its products and services and investment decision based on the needs of the people. Mr Koisen says by making banking services accessible and affordable, it will encourage people to use the banking systems to bring in the cash, a way to tap into the unbanked.

“Our economy is still very much cash driven and people still want to use cash to do their transactions, its going to take time and financial literacy for our people over time to also realise that they can do transactions through other means, but not necessarily cash,” Mr Koisen explained.

Currently having 18 branches in PNG with over 85, 000 members from both private and public sector, the rollout of agency banking, promise an increase in the number of memberships up to 100, 000 by the end of the year.