March 10, 2021 The National Business
KINA Bank’s chief executive officer Greg Pawson has revealed that the bank’s ambition to modernise PNG’s financial services sector with plans for fee-free banking.
“We want to take banking back to basics with better customer service and no unnecessary fee gouging,” he said.
“We think this is morally and ethically the right strategy.
“We will soon launch our new everyday account that will come with no monthly account fees and no eftpos fees.
“We are also looking to extend this fee free banking option to other products and services to bring down the cost of banking for everyone across Papua New Guinea.” Last year, Kina Bank made the first step towards fee free banking with a three-year fee-free Visa cards for customers with a home loan, through their prime customer offering.
Prime also comes with the fixed rate home loan rate of 5.47 per cent per annum.
In addition, the bank lowered fees and charges for point of sale and their digital banking channels.
“We want to continue this trend in 2021,” Pawson said.
“With the additional scale, customers and footprint of the proposed acquisition of Westpac’s Pacific businesses, we will be able to introduce further fee free options, making banking affordable for everyone, continue to drive innovation and introduce more choice for customers.
“The acquisition is subject to regulatory approvals, but we see this as an exciting opportunity to create something really special for banking and financial services in PNG.”
