Micro bank opens its sixth branch in Lae
By JASON SOM KAUT
THE Wau Micro Bank (WMB) opened its sixth branch in Madang last Tuesday.
Chief executive officer Lionel Somaratne and chairman Ray Clark said during the opening at Madang’s Bates Oval that it was part of the bank’s aim to expand across the country.
The new branch wants the people of Madang, particularly grassroots, to join it, they said.
Five other bank branches have better access to banking services with flexible requirements.
The branch was opened with the official cutting of the ribbon by Mr Somaratne and Madang Governor Sir Arnold Amet and the acceptance of the first three deposits of K70 each.
“There have been many micro bank services but these had not been successful because their programmes were not carried out in a sustainable way,” Mr Somaratne said.
Mr Clark assured that the bank would expand to achieve its objectives in servicing the people at large.
The project was initiated when the Asian Development Bank provided a K60 million loan to the Government.
Community leader Morris Bann thanked the bank for setting up the branch, saying rigid banking requirements denied grassroots the opportunity to improve living standards.
Sir Arnold assured the provincial government’s support to the WMB and other such institutions.
Nation Stories