Deal signed to help coffee farmers, boost farming activities

A DEAL signed between the Women’s Micro Bank (WMB) and Agro Dev Trade Ltd (ADT) will enable coffee farmers in the Highlands to have access to financial services that will also boost their farming activities.
ADT managing director Jacob Taru said they had been trying to find ways to improve coffee production to a sustainable level.
He said with the memorandum of agreement (MoA) signed last Thursday, they would pilot it in Dei, Western Highlands, and Kainantu, Eastern Highlands.
After a successful pilot, this scheme would then be replicated in other parts of the Highlands where ADT would act as an agent for WMB to facilitate financial inclusion products and services in their operating area through a cashless model.
“All the studies have been done,” Taru said.
“We know that the key to driving production growth for farmers lies with the availability of capital which can only be achieved through a strong savings culture and equipment availability to increase the size of their farms, which obviously is the access to funds that banks can provide to support farmers.
“One of the main objectives of this agreement is to uplift the production of coffee by provision of appropriate and easily accessible savings and small loans to coffee farmers to improve existing small income generating agriculture activities.”
WMB chief executive Gunanidhi Das explained that the bank was trying to implement the microfinance concept in the country.
“Empowering and building the financial capacity of Papua New Guinea farmers through group mechanism with demand driven savings product and easy access to credit facilities will see an economy of scale for agro-value chain businesses, resulting in a sound savings culture leading towards a greater impact in their lives in terms of financial independence so that every person can be able to make informed decisions in meeting their personal, as well as their family’s current and future needs.”