Nationwide Microbank, a microfinance institution (MFI) in Papua New Guinea, recently launched MiLife, a mobile microinsurance product covering the life of low-income married couples. Clients may only purchase MiLife through Nationwide Microbank’s mobile banking service, MiCash. The combined cost of the mobile banking account and the insurance premium is PGK 55 (USD 25) for one year, which offers a payout of PGK 5,000 (USD 2,300) in the event of either insured’s death [1].
For the year 2011, Nationwide Microbank reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 37.4 million, a gross loan portfolio of USD 10 million, deposits of USD 33.8 million, return on assets (ROA) of -0.19 percent, return on equity (ROE) of -2.89 percent, approximately 2,600 active borrowers and 98,000 depositors.
By Brendan Millan, Research Associate
About Nationwide Microbank
Established in 2004, Nationwide Microbank is a microfinance institution (MFI) in Papua New Guinea providing microloans, voluntary savings and microinsurance products. For the year 2011, Nationwide Microbank reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 37.4 million, a gross loan portfolio of USD 10 million, deposits of USD 33.8 million, return on assets (ROA) of -0.19 percent, return on equity (ROE) of -2.89 percent, approximately 2,600 active borrowers and 98,000 depositors.
Sources and Additional Resources:
[1] Nationwide Microbank: “Press Release: MiLife – Micro Insurance from Nationwide Microbank”, http://www.microbank.com.pg/about_us/media_release/Press%20Release%20MiLife.pdf
MicroCapital.org story, September 12, 2011, “ADB’s Pacific Private Sector Development Initiative (PSDI) Annual Report Covers Partnership with Microfinance Institutions (MFIs) in Papua New Guinea, Timor-Leste, Vanuatu”, https://www.microcapital.org/microcapital-brief-adb%E2%80%99s-pacific-private-sector-development-initiative-psdi-annual-report-covers-partnership-with-microfinance-institutions-mfis-in-papua-new-guinea-timor-leste-vanuatu/
MicroCapital.org story, November 8, 2010, “Asian Development Bank (ADB), Australia Launch “Microfinance Expansion Project” in Papua New Guinea,” https://www.microcapital.org/microcapital-brief-asian-development-bank-adb-australia-launch-microfinance-expansion-project-in-papua-new-guinea
MicroCapital.org story, February 16, 2011, “International Finance Corporation (IFC) Grants $771k to Bank South Pacific (BSP) Rural Through Pacific Microfinance Initiative to Bring Electronic Banking Services to Rural Entrepreneurs in Papua New Guinea”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-grants-771k-to-bank-south-pacific-bsp-rural-through-pacific-microfinance-initiative-to-bring-electronic-banking-services-to-rural-entrepr/
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