Agreement paves way for ventures into SMEs

ESA’ALA MP Davis Steven wants his people to venture into small and medium enterprises and encouraged to get used to banking and savings.
Steven, also the deputy prime minister, was at the signing of the memorandum of agreement between the Esa’ala District Development Authority and the Women’s Micro Bank in Port Moresby on financial inclusion programmes targeting women and youths in the district.
“The district has set aside K1 million under small and medium enterprises,” Steven said.
“We also have K500,000 sitting in the bank which (could be used to) start the programme.
“When we talk about putting money into our people’s pockets, we are talking about putting money into people’s bank accounts.
“That should be the new normal which (people) should aspire to,” he said.
Steven said the Women’s Micro Bank could provide banking services and “go into the SME space that everyone is talking about”.
“Post coronavirus, I want to see women in my district open bank accounts, know more about financial literacy and start the saving culture.”
He said there were a lot of business activities women were engaged in including tourism spin-offs, guest houses, informal markets, fresh produce, retail, tailoring and sale of fuel and zoom products.
WMB chief executive Gunanidhi Das said the programmes included account opening, savings mobilisation, credit facility and MSME awareness.