District, bank sign K1.5mil deal for credit facility to aid SMEs

Business

Women’s Micro Bank (WMB) Ltd signed a memorandum of agreement (MoA) with the Kerema district authority (DDA) to provide a credit facility for the district.
Kerema MP Richard Mendani said the DDA had committed K1.5 million to support small to medium enterprises.
WMB, branded as the Mama Bank and the DDA, wanted people in Kerema to be equal partners in the district’s economic development plans through access to financial services.
Mendani said the people needed to have their own bank accounts with affordable and adequate access to funds.
It was Kerema DDA’s initiative to establish a WMB branch in Kerema.
The scheme is called the Kerema district credit guarantee scheme.
WMB chief executive officer Gunanidhi Das said the bank was trying to implement the real microfinance concept in the country.
“Mama Bank believes that credit scheme links to the performance to the income generating activities,” he said.
“If a customer is willing to improve her own economy and a bank help in access to finance, then automatically the nation’s economy will developed.”