Recently it announced the launch of a new fee free transaction account called Kina Everyday.
In a statement it says the there will be no EFTPOS fee for transactions at its point of sale machines and there will be no monthly account maintenance fees.
In trying to make banking more affordable for Papua New Guineans, Kina bank believes that through this initiative, members will be able to save more money and control their finances better, the bank says.
“We want to take banking back to basics with better customer service and no unnecessary fee gouging. We think this is morally and ethically the right strategy,” CEO Greg Pawson said.
“We want to continue this trend in 2021. 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”
Customers can open a Kina Everyday transaction account with just K10. This account also enables the customer to be eligible for a visa debit card and have access to their Everyday banking account digitally via kina Konnect and internet banking.
Bank South Pacific is the major bank in PNG and customers have been complaining about its many fees charged for transactions and accounting keeping fees.
There is a reaction now from customers on social media which is quite popular and growing in the country that customers would like to switch from BSP to Kina Bank.