A branch of the New Zealand bank Kiwibank will open for business on Niue next week.
Niue's sole provider of commercial banking services, Papua New Guinea's Bank South Pacific, is closing the branch it set up almost nine years ago.
Kiwibank's spokesperson says the branch will offer a comparable range of services, including deposits, withdrawals and a visa debit card, but will not be able to offer cheque accounts or certain savings.
Bruce Thompson says the establishment of the branch is an arrangement between Kiwibank and the Niue government.
"And the Niue government has set up a company called Niue Commercial Enterprises which will operate the banking operation in Niue. We also have a senior manager who's on secondment for a 12-month period just to oversee the establishment of the bank and to ensure that it's operating as per our terms and conditions."
Bruce Thompson says just over 1,000 customers have signed up with the bank but he expects that number to rise to 1,200, which is almost the entire population of Niue.
