Women’s Micro Bank setting up access point

THE Women’s Micro Bank (Mama bank) will set up an access point at Finschhafen in Morobe to provide banking service in the area.
In partnership with the Finschhafen District Development Authority and Amuni Foundation Inc, the service will enable village women groups, farmers, micro, small to medium enterprises (MSMEs) and SME operators to have financial inclusion products to participate in economic development.
The Amuni Foundation has 73 registered women’s groups with more than 15,000 women members.
Finschhafen MP Rainbo Paita said it was the duty of the district administration DDA to provide seed capital to each group for their business.
Mama bank chairman Ricky Mitio said the bank was supporting such initiatives.
“We are happy to serve women of the country who are our customers as well as shareholders with a demand-driven approach,” Mitio said.
The bank and the district administration established the credit revolving fund to assist the villagers up-scale their business activities in a commercial way.
“One objective of this agreement is to create an easily accessible savings and small loans facility to the rural farmers, MSME and SME operators who are already involved in income generating activities,” Mitio said.
Amuni Foundation president Lorraine Umaropi said: “Women go through hardship in their life. We are working hard to bring them into groups to make them resilient.
“We were looking for a bank which can come with a demand-driven savings and credit product for our mama to grow their little savings and give innovative way of access to credit.”