Savings culture yet to catch on in PNG: Banker

INSTILLING a savings culture among Papua New Guineans remains a struggle, a bank official says.
Outgoing Women’s MicroBank Morobe branch manager Robert Raim said this at a farewell gathering at the weekend in Lae.
Morobe Women in Business group hosted the gathering where Raim reiterated that a savings culture was the solution to having security for the future and in financially tough times.
“Most Papua New Guineans are used to backward savings which is getting loan and repaying with interest,” he said.
“We should be doing forward savings; growing your pool of liquid cash which is a vital component in any business.” He reminded the women to prioritise savings and cut down on expenses.
“Make wise financial decisions, starting with saving the little you make,” he added.
“It is not about how much money you make, but how you manage the money you make that puts you in a better position for yourself and your family.”
Raim started with Women’s Microbank in 2014, moving to the Lae branch in 2015 and became the branch manager when it was elevated from agency to bank status in 2016.
He said being a new player in the industry, it was not easy getting clients on board and growing a base. “Things were tough but we had a smart chief executive officer whose wise decisions secured trust within the sector, bringing on board donor partners and that slowly grew our base,” he said.
“The bank has grown but financial literacy, especially the savings culture, despite efforts, is still a struggle; maybe with time, as people’s financial needs increase, they would see the importance of saving.”
After more than eight years with the Morobe branch, Raim will move to East Sepik.
He will be managing the Women’s MicroBank’s projects funded through the Australian Aid programme across East and West Sepik.