MiBank partners with Wewak district to promote SMEs


MiBank is now in partnership with the Wewak district development authority to promote small to medium entrepreneurship in the district in East Sepik.
Wewak MP Kevin Isifu allocated K1 million to MiBank to provide loans ranging from K1000 to K10,000 for people, especially mothers, so they can set up their small business. Isifu, when signing an agreement with MiBank on Tuesday night in Port Moresby, said the arrangement would enable people who were struggling financially to have a small business.
“Let me mention that present indications in the district reveal that most people are financially excluded,” Isifu said. “It is evident that when people are excluded financially, it demonstrates that our people are financially illiterate.”
Isifu, who is also the Intergovernment Relations Minister, said they would launch the scheme in Wewak and after that they would conduct financial education and literacy training for people interested to benefit from the arrangement with MiBank.
“Financial inclusion is important in Wewak because a good number of low-income earners are living in the rural areas and do not have access to formal financial services,” Isifu said.
MiBank head of operations Trudi Egi, provincial and local-level government secretary Dickson Guina, SME chief
executive Steven Malken and Wewak district development authority chief executive officer Martin Maingu attended the event .