17/08/2021
PNG Integrated Finance Limited - A new lending service
Many Papua New Guineans today do not want to take the risk of getting into the finance lending business fearing that clients will not be able repay their loans.
However, Mr Smith Kops; an up-and-coming PNG Entrepreneur says he is not afraid of the challenges that lie ahead.
Mr Kops has started the PNG Integrated Finance Limited which is a unified company linking up 50 to 100 other Papua New Guineans.
The PNG Integrated Finance Limited (PNGIFL) is currently a Port Moresby based microfinance company that is specialized in providing services to International, Micro, Small and Medium businesses at large.
“Our five-year goal is to get the company firmly set up to finance individuals, informal sector, SMEs and other suitable clients.
“Our aim is to pursue to tap and unlock the vast potential that lies in the growing businesses and upcoming young men and women given the latest digital technology using a value chain financing approach as the nation starts to experience a boom in various developmental sectors.
Our Loan Products
“We have different categories of loan products and services from a minimum of K500 to a maximum of K100,000 with competitive interest date over a period of time. You can also get a loan for business products, agriculture and emergency loans.
Our savings products
“We have different types of savings products to support individuals and groups to save and give their real wealth. These funds can be used to pay for Christmas travels, school fees, including fixed children and corporate and voluntary savings, Mr Kops said.
Kop’s background
Hailing from Tsak valley, Wapenamanda in the Enga Province and the 4th born in a family of six siblings, Smith recalls that his early childhood life was a struggle, having to go to school hungry and walking long distances to school was a tough journey, he told the PNG Entrepreneur.
Smith’s parents are subsistence farmers who raise pigs to sell and pay school fees for his siblings and himself . Though it was a hurdle he made use of whatever his family provided for him.
He was sent to Port Moresby to further his Grade 11 and 12 at Sogeri National High School but due to no boarding space, he had to reside with one of the teachers. He worked hard at his studies resulting in his acceptance to further his education at the University of Technology in Lae from 2011-2014.
Smith graduated from PNG University of Technology with Bachelor degree in Engineering in 2014 and was employed by Oil and Gas giant Exxon Mobil as his Operations Technician Level 11 at the PNG LNG Plant at Papa Lealea.
Although he is engaged full time by Exxon, he decided to start the finance business having no business background.
Smith was determined to be successful and his passion to know more about business drove him to study business concepts online, reading and making himself adapt to the industry itself.
In February 2019 Smith came up with a business proposal but did not have enough money to start it off so he invited his friends and other Small Medium Enterprises (SME) holders to partner with him. In that same year he registered the company with Investment Promotion Authority (IPA) under PNG Integrated Finance (PNGIF) with 52 initial share bundles. This meant that the SME and other business partners had to buy their shares with five years investment of K6, 000/year to finance the company.
From the proposal in February 2019 to date, 40 people throughout the country both in the private and public sectors has already secured their shares and are actively participating.
When asked what motivated him to strive for excellence Smith humbly replied that his grades and results in high school made him determined to achieve the best.
Moving away from home and going into a city with no friends and family made him focus on his dreams and he worked very hard by looking after himself as well as prioritizing his studies.
Mr Kops has set up a lending company from just an idea and his will to learn.
His passion, commitment, and tireless hours spent on locking in partners for his lending business has paid off.
Although he is currently engaged at the Exxon Mobil LNG Plant at Papa Lealea , during his one month break he works hard building his own company. PNG Integrated Finance is now set up with office located at Taurama and two employees started lending money out as of February 8th 2021.
“This company is founded on ideas and shareholders who believe in making a difference and tapping into an industry where most business men and women are scared to take.
“My vision today is to make 50 Papua New Guineans become millionaires and I know within the 5-year time-frame this may come true, not only by making money but also able to enable Papua New Guineans to own banks.”
Mr Kops also acknowledges and highlights the support of his wife;
“My wife, Annie Flawrence Kops is currently Operations Manager for PNG IFL. Annie hails from Sirunki, Enga Province and graduated with a bachelor's degree in Economics from the University of PNG. She is currently employed as an Aid Coordinator for Asian Development Bank managing the Portfolio of ADB's loan funded project in PNG.
“We both shared the same interest and aspirations to serve our country that's why our partnership in this vision is eminent.
“We are into our fourth month of business operations after startup. We have given loans to over 70 individuals and supported over 20 SMEs. We are expecting to have over 300 clients or customers by this time next year,” Mr Kops said.
Photo Caption : Mr Smith Kops and his wife and Operations Manager Annie Flawrence Kops.
