More locals qualifying to open bank accounts

 MORE than 1000 people in Yangoru-Saussia district in East Sepik have opened 

accounts with the People’s Micro Bank 

Limited (PMBL) last week to qualify for the district’s credit scheme, an official says.

Local MP Richard Maru (pictured) said the people were from the four local 

level governments around the district including Numbo, Sausso and East and West Yangoru.

Maru said opening of the accounts with PMBL was a requirement for them to be eligible for a loan from the bank or to 

save and many were still lining up at the PMBL’s office in Wewak to open accounts this week. 

The credit scheme “Save na Kisim” was launched last Friday in the district. 

He described the scheme as very ambitious where every man or woman in the district who was eager to venture into doing business or who wanted to improve their businesses could borrow between K1000 and K20,000 under the scheme which would be administered by People’s Micro Bank Limited. However, he said the loan would secure 50 per cent deposit by the borrower and 50 per cent by the district under the credit scheme risk share modality.

“If you fail to repay your loan, you will never be allowed to borrow from any other credit scheme from the district again,” Maru said.

“The district is looking at increasing the loan amount in the future depending on the consistency of each individual’s loan repayments.”