‘Access to affordable credit’ | PNG Loop
Savi Moni, an online personal loan service designed specifically for the business sector in PNG, was launched in 2020.
Founder and Director, Nick Keane, has heard first-hand from several business leaders of the concerns they have about losing key personnel, as well as the administrative and financial burdens of running employee credit programs internally.
Having lived and worked in PNG for over 25 years, Keane understands the stress and hardship that comes with a lack of access to affordable credit – especially when people resort to loans from unethical street lenders (that’s i.e. “lenders”).
“I’ve seen far too many people – even highly educated people in good jobs – end up in a cycle of debt that they can’t escape,” he said.
“Typically, these people end up with a mixture of formal and informal loans (street loans) at high interest rates that they cannot afford.
“It’s a really sad and really desperate situation for a lot of hard-working, honest people.”
Keane started Savi Moni so he could help the corporate sector help his employees.
“As someone with other business interests in PNG and someone who has managed a large workforce in PNG, I knew that internally managed employee credit programs are time-consuming, potentially problematic. in the workplace and are not a good use of company capital.
“As such, we have designed our loan product to be simple and streamlined so that there is absolutely minimal administrative burden for businesses.
“We also wanted to introduce the concept of ‘responsible lending’ to the market, which means doing thorough assessments to make sure we’re not over-lending to our clients.
“We want them to be able to comfortably manage their repayments, while having enough money for basic living needs in every payroll.”
At the heart of the Savi Moni product is the recognition that employee financial well-being is not a “warm and fuzzy” or “feel good” employee program.
Financial wellness programs are now a perk employees need.
As such, Savi Moni not only provides a range of free financial literacy tools, tips, resources and courses on his website, but he has partnered with Australian Business Volunteers (ABV) to offer a two-day tailor-made “Family Money Management” course in PNG. for its partner lending companies.
Training is provided at cost.
Solar Solutions, an early adopter of Savi Moni’s loan offering, delivered ABV’s Family Money Management Course to its Port Moresby staff.
Pukari Peni of Savi Moni, who attended the training session with them, said the feedback was excellent.
“All staff who participated said they benefited greatly from the training.”
Port Moresby-based Avenell Engineering Systems (AES) were impressed with the flexibility to set their own loan parameters.
Fully aware of the negative effects on their business of staff suffering from high levels of financial stress, AES wanted to implement its own lending rules.
“Savi Moni really has a ‘responsible lender approach’, with strict lending guidelines, but we wanted to ensure even stricter rules for our staff,” said AES HR manager Maria Jesusa Garcia.
“We defined our own debt-to-income ratio (DTI) and Savi Moni was able to implement it with no problem.”
Savi Moni is a 100% online personal loan service with agents on the ground to help you if needed.
It is delivered through a convenient and seamless digital platform that a company’s approved HR and payroll staff connect to.
In order for employees to qualify for a Savi Moni personal loan, the employing company must first register as a lending partner.
More information can be viewed through the website: www.savimonipng.com.