Category: Partners Corner

MiBank recently won the Financial Inclusion Innovation award at the Financial Inclusion Excellence Awards hosted by CEFI on November 22.

MiBank along with Women’s Micro Bank were announced joint winner’s in this category for their respective efforts in introducing new products to improve digital banking service especially in the micro banking sector.

For MiBank their winning entry submission was the ‘MiPortal: Bridging the Gap in Financial Transactions’.

According to their mission statement MiBank is committed to empowering their customers with seamless, secure, and innovative banking solutions. Through MiPortal, they strive to enhance financial accessibility and convenience by providing a comprehensive platform for efficient transactions, fostering financial literacy, and supporting the growth of our community. Their mission is to deliver exceptional service with integrity and transparency, ensuring that every interaction enriches the financial well-being of our customers and drives economic progress.

MiPortal: Bridging the Gap in Financial Transactions

MiPortal is a vital solution that connects businesses and customers through seamless, secure, and efficient transaction processing. By prioritizing user experience and leveraging innovative technology, MiPortal empowers users—from small businesses to individual consumers—to manage their financial interactions with confidence and ease.

More than just a transactional platform, MiPortal serves as a partner in financial success, dedicated to simplifying processes, streamlining operations, and fostering a brighter financial future for all.

MiBank is committed to promoting financial inclusion for underserved communities. Here’s how MiPortal has made a difference:

1. Micro Pension Support: MiBank empowers micro pensioners by enabling them to create and transfer voluntary savings to Eda Supa at Nasfund superannuation This initiative helps individuals build financial security for their future.
2. Consumer Bill Payments: Their platform offers bill payment services for PNG Power Limited customers during an amnesty period. This is particularly beneficial for clients in rural and settlement areas, making it easier for them to manage their finances and stay
3. Child Nutrition Program Support: In partnership with Department FOR Community Development and Religion (DFCDR) PNG, MiBank’s facilitate the distribution of allowances through a child nutrition program. This initiative alleviates financial pressures on families while supporting the health and well-being of their

Through these targeted services, MiBank is committed to breaking down barriers to financial access and ensuring that everyone can participate in the financial system.

Features of MiPortal

• Customer Registration and Account Management
  • Secure account validation and access controls
• Data Import and Export Capabilities
  • Easy import/export of customer and transaction data
  • Integration with existing client systems
    • Customized Alerts and Notifications
      • Real-time alerts for transactions, payments, and account activities
      • Tailored notifications based on client preferences
    • Comprehensive Reporting Tools
      • Customizable reports on transactions, payments, and account activities
    • Intuitive Dashboard
      • User-friendly interface with real-time data overview
      • Visual summaries of transactions, payments, and account balances
    • Payment Processing and Tracking
      • Secure processing of various types of transactions
      • Real-time tracking tools for payment status

     

    • Multi-Channel Fund Transfer Capabilities
      • Supports fund transfers, bill payments, airtime, and contributions
      • Enables payments to and from corporate accounts
    • Secure Transaction Management
      • Encryption and fraud detection measures
      • Ensures data and financial asset protection
    • Client-Specific Customization
      • Tailored functionalities for different industries
      • Supports specific workflows (E.g. utility bill payments, superannuation contributions)
    • Advanced User Access Controls
      • Flexible user management for different organizational roles User Access Control Points

    MiPortal can be accessed from any devise – Smart phones/ Tablets / Desktops Competitive Advantages of Our Corporate Banking Portal

    • Specific Solution/ Flexibility and Customization
      • Tailored features for superannuation funds and utility
      • Enables direct customer payments and efficient handling of
      • Adapts to diverse industry
    • All-in-One Platform
      • Combines multiple functionalities (fund transfers, bill payments, data management) in one
    • Compatibility
      • Reduces administrative burden and operational costs, demonstrates increased efficiency
    • First-Mover Advantage
      • The only portal with these specialized features in the
      • Positions us as an innovator and leader in digital banking

     

    Customer Testimonials and Success Stories

    In Partnership with PNG Power Limited (PPL) using MiPortal, has had an impact on customers making payments and registering real time. Customer does not have to wait for PPL to register to make payments. Through MiPortal, PPL customers are given their Customer Consumer Number instantly which is used to purchase or make payments through MiBank Mobile Banking.

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In this insight, we look at Digicel Financial Services Ltd [DFSL] highlights of some of the strategic approach being made by DFSL to on the usage of its mobile financial service platform ‘CellMoni’ through implementing activities such as; [a] Introduction and improving of services, [b] New developments planned ahead and [c] Some challenges faced to provide affordable and quality financial services with ‘Cell Moni’.

As per the I-Commit, in the next four [4] years, DFSL looks to increase CellMoni subscribers through:

• New Customer Onboarding Strategy

‘Community Engagements with customers’ involving the setup of mini booths in specific communities three [3] times a week where  significant results have been observed with improvements in onboarding of customers.

 

• Introduction of New Products

These are products introduced and tailored for customers to access new services and products only available on ‘CellMoni’ when it comes to customer base commitment as per the I-Commit.

 

Examples of ‘new product’ include:

 

International Money Remittance (IMR)

A [Digicel] CellMoni customer has the option to be remitted money from overseas senders directly into their phone other than traditionally through bank account or Western Union.

Merchant Payments

Apart from payments through USSD *888# code to stores accepting CellMoni payments, an additional payment method has been made possible for customers with a smartphone to simply scan the QR code which is a new concept with a two-way benefit [2-ways] a] Improve store customer experience b] faster payment & convenience experience. This service is currently available by close to sixty CellMoni stores [merchants] and with the footprint being expanded.

 

• Agent Expansion

To increase footprint of agents, DFSL looks to partner with pop-up table businesses with a commission structure as an added bonus benefiting their ongoing business. Currently DFSL has the largest agent distribution network in the country with  1200 CellMoni agents available to existing and potential customers to access financial services.

We have an array of production service points, key ones that speak to our selling point are;

• Utility &/or Bill Payments

CellMoni customers are paying through their phone, electricity and water bill anywhere, anytime minimizing physical visits to a store and standing in queues. Customers can now, through recent innovation, can check their water bill through CellMoni without having to visit a Water PNG branch in order to make payment.

 

• Cash Disbursement

DFSL provides to individuals and businesses [small or large] the payment solution of performing cash disbursements to recipients who for example are; casual workers, volunteers, farmers in exchange for crops and so forth.

 

An example of this is the current World Bank Food Nutrition initiative where DFSL has partnered with Department of Community Development and Religion enabling the department to perform such transactions to recipients.

We also have in the pipeline for the next three [3] to four [4] years planned developments such as:

• Insurance payments

Premium payments are made through CellMoni by individuals and businesses [small or large].

 

• Ticket payments

Ticket payments through CellMoni for a customer to attend event[s], lottery and bets.

 

• Visa card placements

Visa card holders with CellMoni can be able to transfer money from their visa bank account to their CellMoni to perform payments for services or products unique to CellMoni and not available on other payment service provider platforms.

Some of the potential barriers identified and, is a challenge faced by Digicel Financial Services include:

• Moving funds from bank account to CellMoni

CellMoni customers with bank accounts are currently withdrawing cash from their accounts to physically to have to visit a CellMoni agent or Digicel store to make a cash deposit into their CellMoni so to make transactions for services or products unique to CellMoni, not available on other platforms

 

To move funds from a bank account to a CellMoni wallet does not exist. This is a pain point shared with relevant stakeholders in the interest of customers.

 

• Know your customer [KYC]

Customers are keen to use CellMoni however, similar to other financial institutions, customers need to provide an ID but, do not have an ID. This is an issue faced by most Papua New Guineans and financial institutions.

 

• Switch

DFSL has since progressed with and are now, part of the national payment council where all national financial institutions who are part of the council collectively, decide and enable switch access and connectivity.

 

To conclude, DFSL’s financial inclusion agenda comes down to four key pillars;

 

• Empowerment:

To empower those without financial access and be able to bridge that gap.

 

• Convenience:

DFSL can be part of the solution in the financial services ecosystem to address a number of issues.

 

For example, the bank situations to reduce queue form at ATMs and Bank lines through funds transfers from bank accounts to CellMoni giving access to the vast majority facing demography challenges relating to access to financial services as CellMoni is accessible with a mobile phone.

 

• Security:

A sense of financial security is given to customers minimizing the carrying of physical cash and addressing potential threats, theft and hold-ups made to customers.

 

• Affordability:

CellMoni’s fee structure is competitive and currently, only includes fee charge for withdrawing of cash from their CellMoni wallet whilst all other services available and unique to CellMoni platform do not include transaction fees to a customer.

Photo Caption: Mr. Thompson Kumi Sakyi, Managing Director, Mobile Financial Services, in a question and answer session with CEFI briefly outlined and highlighted some of Digicel Financial Services strategic approach to improving its customer’s use of its mobile services ‘Cell Moni’.

Photo caption: (below-top image) DFS Head Office in Port Moresby. (right image) The Customer Services Call Centre.