Bank’s new product targets oil palm farmers

THE Women’s Micro Bank (WMB) Ltd with its partners have launched a product called “Palm Saver” to assist oil palm growers in West New Britain save and invest their earnings.
WMB, now branded as Mama Bank, signed a memorandum of agreement (MoA) in Kimbe on Monday with the provincial government.
Mama Bank has initiated a customer access point in Kimbe in July which is serving oil palm growers.
The Bank of PNG with its technical expertise from the Centre for Excellence in Financial Inclusion developed a tailored savings product – Palm Saver – that blends contractual savings and investment for regular income earners.
Palm Saver is designed to serve a specific customer segment, oil palm growers and others associated with the industry who receive regular payments from the industry.
Mama Bank chief executive officer Gunanidhi Das said the product would give at least six per cent interest rate with no transactional costs to the customer.
Das said the product was designed to encourage regular savings by offering high returns.
“There are more than 20,000 oil palm block holders who are paid fortnightly for their produce.
“Apart from growers there are more than 27,000 women, especially widows, associated with palm oil industry receiving regular payments out of which some are block owners.