Pan Oceanic Bank (POB) has celebrated their tremendously successful two years of operations on the 11th of July 2016.
In the banking and finance field, it is essential to talk about few key financial strengths to showcase the robustness and the sustainability of the bank.
“We are proud to announce as we complete the two-year anniversary, our key financial indicators,” said Mr. Suresh Amerasekera, CEO, POB:
(Regulatory requirement is 15%)
Return on Equity
(Industry average is 26%)
Return on Assets
(Industry average is 4%)
Non Performing Loans
(Industry average is 5%)
POB is growing strong with the assistance of the very talented, 70 plus strong local team and over 15,000 happy customers.
POB is the First Bank in Solomon Islands to eliminate fees on savings accounts, introduce children savings accounts (POB Pikinini), school banking program, pay bills using mobile banking Apps (POB BPay), dedicated Micro and small self employment scheme (Lifeline). Furthermore, the Bank provides the best return on saving accounts, to improve per capita savings rate, which is a vital component on the economic growth of the country.
POB has revolutionised banking through Digital applications . In July, POB is all set to launch
Nationwide cash outlets branded as, POB “IZI Cash”.
“These outlets will provide cash deposit and withdrawals to customers of POB. Soon POB
“IZI Cash” outlets will be complemented by the most innovative banking service ever to be in operation in the history of Solomon Islands. “POB PURSE” which will be launched to the market in the Month of August 2016 strongly keeps in line its business philosophy “Empowering the Nation”.
Every person who’s above eighteen years old and with a mobile phone (on any network) can open a bank account under one minute,” said Mr Kutila Pinto the Executive Director of POB.
Mr Pinto further added, “The issues people encountered in the past in sending and receiving money to and from their loved ones, difficulty in getting paid for services and produce, having to go to a shop to top up their phones and having to always carry cash to buy necessities from a shop is a problem of the past as soon as you establish your own “POB PURSE” account.
“We are confident, when the service is operational in August, each and every person with a mobile phone will get an opportunity to have the most convenient banking service ever to be introduced into Solomon Islands. “POB PURSE” use the user’s own mobile number as the bank account through an innovative technological interfacing”. So the user will only have to remember their own mobile number as the bank account.
Loading cash to “POB Purse” is no different to topping up a mobile phone. No more expensive personal bank to bank transfers, simply “Purse it” and the money will be in the Mobile “PURSE” in a split second giving the “POB PURSE” user the access to a range of services such as, Top Up Mobile, Pay Bills (and/or buy from the shop), PURSE to PURSE transfers and withdraw cash from any “IZI Cash” outlet.
Whilst “POB PURSE” is easy to establish and very simple to use, “POB PURSE” is inbuilt with unique security features and user uniqueness that ensures total protection of the customer from unauthorised access using a security process called “OTP – One Time Password” that will be generated for every cash transaction. The service is available on short code (e.g.
*xxx#) and irrespective of the type of the customer mobile phone or the mobile network the customer is subscribed to; the customer can access his or her “PURSE” instantaneously.
POB is excited to provide all these services to the market in such a short time of operation in the country. They have also managed to bridge lots of gaps in the banking and finance sector that were in existence for a long period of time.
POB’s sole vision is to Empower Solomon Islands to grow organically, increase employment opportunities and to support the creation of a strong economy in the Pacific to be reckon with.
At this very important time when POB celebrates their second year Empowering the Nation, Team POB invites all people, Businesses, Religious Organisations, Local Government Bodies, State Institutions and NGOs to join hands with POB and become partners to make a visible impact to Empower the Nation.
POB loan products include self employment loan schemes at concessionary interest rates as a solution to reduce unemployment and improve productivity.
In addition, the bank supports and dedicate themselves to Micro, Small and SME sectors of the economy.
The bank has also identified the importance of savings in economic growth of the country and provides grassroots level financial education to enhance the savings and banking habits of the people to support the financial inclusion strategy of the country.
POB strives to combine innovation with Information Technology to make banking affordable to all levels of the society and at the same time easily accessible and easy to use whilst ensuring sustainable banking platform that will stand the test of time.
POB has planned to introduce ATMs and eFtpos machines to the market by January 2017 with additional user features to support the growing customer base of the bank and to provide 24×7 banking needs of POB customers.
“Come and bank with the Bank that has changed the banking landscape of Solomon Islands, our vision is to “Be the leading Financial Institution of Solomon Islands by enabling Financial Inclusion and commitment to Micro, Small and SME sector””, said Mr. Suresh Amerasekera CEO of POB who also extended his heartfelt gratitude to all staff members of POB, our valued Customers, CBSI and the Directors of the Bank and everyone for the Bank’s tremendous success.