Farmers urged to open bank accounts and save money

SAVINGS are important in business, says Lae’s MiBank mobile channel officer James Nauvana.
He urged farmers at the 2024 Trukai Smart Farmer graduation and Rice Field Day at the Erap Trukai Farm on Friday, to open bank accounts.
“The important thing to do is to open a business account or personal account to save your money,” he said.
“We are here to target farmers and to reach out to them on how to get a loan,” Nauvana said.
Some opened accounts there on Friday.
The bank is opening accounts for women, called the Hibiscus Account.
For men, it is called MiCash. The only requirement is a valid identification card.
Men are charged K30 for fees while women are not charged any. K20 is paid at the time of registration which goes straight into their account as the minimum holding balance.
Those who have a personal account will be eligible to apply for a speed loan, a solar loan, agricultural loan and vehicle loan.
MiBank offers loans to registered and unregistered businesses with a fee of K650.