Papua New Guinea
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Sir Robin: Competition will drive improved services

BY DALE LUMA

People’s Micro Bank Limited (PMBL) chairman Sir Robin Fleming says there needs to be real competition in all sectors of the economy.

Sir Robin, has vast experience in the PNG banking sector having previously served as the chief executive officer of BSP Financial Group Limited was announced as the new chairman for PMBL by State Enterprise Minister William Duma yesterday.

Sir Robin when speaking during the occasion said the country has seen what can happen without competition in other sectors in recent times.

It is understood PMBL is also aspiring to venture into becoming a fully fledge commercial bank.

There is a need and demand for further competition in the banking sector,” Sir Robin said.

“The Banking sector, telecommunication sector, fuel sector and other sectors need real competition for their services.

“This will drive improved performance and hopefully drive a better outcome for consumers.

“There will be a lot more challenges that go into delivering services across such a broad geography such as PNG.”

In the fuel sector, the country has experienced fuel security issues as of late.

This is mainly a result of Puma energy, the main supplier of fuel especially aviation fuel (Jet A1) having to ration and in one time stopping their supply due to foreign exchange issues faced.

This has made Prime Minister James Marape calling on those in the energy space to ramp up fuel imports.

As part of this narrative, ExxonMobil as recently signed an agreement with Mineral Resource Development Company (MRDC) to enter the market to supply Jet A1 fuel.

On the banking side, there has been a number of financial institutions applying through the Bank of PNG to go through the regulatory process to acquire full banking licenses with PMBL’s aspiration also made known yesterday.