Firm helping people deal with the bank

FINANCIAL literacy and access to financial services are essential for people to improve their livelihood, says PNG Microfinance Limited.
PNG Microfinance (PML) customer service officer Brenda Tau said they set up stalls at public markets to help vendors open bank accounts.
“We come normally to assist market vendors to open accounts if they want to do some savings,” she said.
“We also make them aware of the importance of saving. They can save up and be eligible to apply for loans. They must know that loans are not only available for those who are formally employed.”
Tau said most vendors do not have bank accounts and the biggest challenge they face is that they do not have identification and are illiterate. Therefore the vendors find it difficult to meet certain requirements of the commercial banks.
Tau said PML fits in to ensure vendors are eligible to open bank accounts by providing them with letters which they take to their community leaders to identify them so they can open their accounts.
“We just facilitate the process. We go right down to community level,” she said.
“We go into settlements to assist our people. We visit the Boroko market once a week. We also go the Sabama, Gerehu, Waigani, Manu Autoport and Gordon markets.”