History of MiBank

In 2000, the Asian Development Bank (ADB) carried out a study on the economy of PNG with the intention of providing financial assistance to support poverty alleviation of the Country. Based on the recommendations of the ADB report and with a goal of alleviating poverty, in 2002 the Government of PNG and ADB initiated the PNG-ADB Microfinance and Employment Project to address the financial needs of micro and small enterprises, subsistence farmers and poor households who were without financial services. As a major component of the Project, a micro banking pilot scheme was started in April 2004 in Wau under the Business Name of Wau Microbank. The policy making body for microfinance pilot project was the Project Steering Committee and the Bank was managed by the PNG Institute of Banking and Business Management who held the Certificate of Exemption. In February 2007, WMB was incorporated as a limited liability company under the Companies Act and all assets and liabilities of Wau Microbank were transferred to WMB Limited. In June 2008 BPNG withdrew the Certificate of Exemption and issued a banking licence to Nationwide Microbank Limited, the new name adopted to better reflect the proposed geographical scope of its operations. In 2013 the trading name of MiBank was registered and in 2020 MiBank acquired both PNG Microfinance Limited and the EsiLoan business from Kina Bank. MiBank now has 16 branches and more than Agents operating throughout Papua New Guinea

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