Banker encourages women to invest in savings products

PAPUA New Guinea Women in Business (PNGWiB) members are encouraged to invest as customers in various savings products that the PNG Women’s Micro Bank (PNGWMB) is offering apart from being shareholders.
PNGWMB Ltd general manager Guna Dash told PNGWiB members in Morobe investing in interest bearing deposit (IBD) accounts would generate additional interest apart from shareholding dividends.
“This is the first ever women’s bank in country and sixth women’s bank in the world and I urge all the mothers to take ownership in your bank by investing in various savings products,” Dash said.
“This bank aims to ease much of the struggles many women face in saving their hard-earned cash from various informal activities.
“Therefore make use of your bank to save for yourself and your children.”
Dash said this when issuing their shareholders certificates.
He acknowledged PNGWMB Ltd founder late Janet Sape and like-minded women who advocated for the idea of women in business which resulted in the creation of PNGWiB in 2006.
The Bank of PNG (BPNG) issued PNGWiB the banking licence to operate PNGWMB in 2014.
Soon after, several agencies were established in Wewak, Maprik, Lae, Madang, Goroka, Mt Hagen, Kerema and Central.
In 2017, the bank offered women the opportunity to buy direct shares with the bank and take ownership, which saw over 1,800 women buy shares.
The bank has more than 34,000 members and is growing.
Over 8,000 women are registered members in Morobe reflecting K1.7 million in investments.
Dash called on Morobe members to encourage other women to join the bank.
PNGWMB chairman Ricky Mitio said they were planning to open agencies in Kimbe, Kokopo, Kavieng and Arawa to help women in the New Guinea Islands.
He said bank’s management would decide on the share price.