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Business |
WMB seeking licence as full-fledged
bank
THE Wau Micro Bank (WMB) wants to become a full-fledge private
micro-bank from just a mere pilot project.
It had incorporated as WMB Limited with plans to expand and loaned
out small credit to entrepreneurs and small savers.
WMB’s expansion plan was revealed by ADB consultant Michael
Ostrowski yesterday.
He said that WMB was awaiting the Bank of Papua New Guinea to
formally end its status as a pilot project and to issue it an
operating licence as a lending entity.
“Once BPNG issues the licence, the bank will be totally regulated
and operated as a private micro bank focused on serving the little
people,” Mr Ostrowski said.
He said for this year, the bank was focused on completing its
transformation from project status to private status.
Mr Ostrowski said for the Lae branch, the name will remain as Wau
Micro Bank.
Branch manager John Popau said the focus of the bank in Lae was to
encourage people to save.
He said the bank was providing the type of service that the
majority of the small entrepreneurs had not been able to access
from commercial banks because of the strict requirements they
impose on borrowers.
The Lae branch last weekend moved to a new office at the new
Central arcade in town which is more spacious and centrally
located.
 
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