People depositing money despite Covid: Society

DESPITE the economic impacts of the Coronavirus (Covid-19) pandemic, the East New Britain Savings and Loan (ENBSL) has witnessed people depositing money into their accounts.
ENBSL finance manager Jack Tewe said the partnership with the provincial government started in 2019 during which they received K1.7 million from the provincial government. From the K1.7 million, ENBSL generated about K3.5 million through SME loans which were repaid.
Tewe said before giving out the loans, they conducted financial literacy programmes in the local level governments.
They plan to go to Bialla in West New Britain next.
Tewe said since 2019, a good number of SMEs began savings accounts.
“For 2020, because of the Covid-19 that really affected us, we thought that number of deposits would drop,” Tewe said.
“But it was the other way around.”
The society will continue to give out loans to SME owners for their start-ups.
Kada Poroman Microfinance Ltd (KPML) chairman Jack Walom thanked the provincial government for providing SME funding.
“I’m thankful to the provincial government for having trust and confidence in us so that we can work hand in hand in providing financial services to our people in the rural areas,” Walom said.