The Kiito Bank is owned by the Kiribati Protestant Church and offers normal banking services such as savings accounts, withdrawals and loans. Its interest bearing deposit is offering a slightly higher interest rate than ANZ Bank of Kiribati, the only other bank in Kiribati, at 2.5 percent.
Manager of the new bank, Nakauki Baraam, said Kiito Bank was established to cater for KPC members’ financial needs, but extends its services to the general public.
“KPC parents having difficulties for their children’s school fees or other financial requirements, can apply for loans from the bank,” he said.
“It’s also available for KPC secondary schools on the outer islands when facing financial constraints in purchasing rations and other requirements and can also assist in their developments activities,” he said.
Baraam said the bank has two enterprises under it. There is a mini supermarket selling general merchandise ranging from cars to school equipment, and a bookshop that sells Bibles and hymnbooks.
