Microfinance calls on locals to learn how to save

THE Papua New Guinea Microfinance Limited is committed to reaching the unreached and extending the financial frontier in PNG through savings and loans products, marketing assistant Edea Hota says.
“We are also doing promotions in our trading centres nationwide to encourage people especially in the informal sector to develop a saving culture,” Hota said.
He said they held the three-month smart savers promotion draws at their branches from March to June for any customers and those who wished to open new accounts.
“The promotion uses the smart-savers concept to educate the unbanked because Microfinance is targeting the informal sector,” he said.
In the promotion, clients are required to open Interest Bearing Deposit accounts for as low as K300 to enter the draw to win three prizes.
“The maximum is up to them as long as they want to invest and terms and conditions applied to the promotion,” Hota said.
Hota said some of their branches had already conducted their promotion draws.
“Boroko branch last month gave away three major prizes – a solar package, (four solar panels, one solar invertor and a solar battery and two light bulbs),” he said.
All their branches were giving away prizes worth K1595.36.