Deputy Prime Minister presents K500, 000 cheque to Women’s Micro Bank to develop financial inclusion in Esa’ala district
Port Moresby, Papua New Guinea – Women’s Micro Bank Limited (WMB), branded as MAMA BANK has acknowledged and thanked the Deputy Prime Minister and Member for Esa’Ala Hon. Davis Steven and Esa’Ala District Development Authority (EDDA) for presenting a cheque of K500, 000 to Women’s Micro Bank to develop financial inclusion in the whole Esa’ala district, enabling the local mothers to have easy access to financial services and credit facility to boost their small businesses, and their children to imbibe savings culture.
This stems out from an agreement that was inked earlier this year on 28th April, 2020 when WMB and EDDA entered into a Memorandum of Agreement for the people to have their own bank to do their banking services through Women’s Micro Bank. Women’s Micro Bank will now begin to deliver and support to open bank accounts for their further activities in informal and agriculture in Esa’ala through its institutional management and deliverable channels.
During the presentation held in Port Moresby, on behalf of Deputy Prime Minister and Member for Esa’ala, his wife Mrs Davis presented a cheque of K500, 000 to Women’s Micro Bank and witnessed by EDDA office bearers, among others. Hon. Steven upon presenting the cheque said that his government wants to enable both private and public sectors to contribute meaningfully towards his district’s economic development through a holistic approach by creating an enabling environment. “Through this funding, I want to convert all my informal women in the Esa’ala district to a next level by enabling the private and public sectors to provide that means to achieve the economic aspirations of the women and district. I am currently working with Oil Palm Growers to include them in doing savings for their future and with boat owner to enable informal sector with everyone’s active participation” Said Deputy Prime Minister Hon. Davis Steven.
The Honorable Deputy Prime Minister also thanks Women’s Micro Bank to come on board to help his district people for imbibing savings culture by opening savings account for all women and their children. He further elaborated that Esa’ala DDA is committed to develop the MSME sector in its district by helping all informal MSMEs and formal SMEs. He further elaborate that it is his dream to bring banking services to his people in his electorate and support them by putting money into their account rather than putting money in their hands. He further congratulate Esa’ala DDA representatives who has tirelessly worked towards supporting his mission and asked them to showcase this partnership as role model to whole country.
In receiving the Cheque, WMB’s CEO, Mr. Gunanidhi Das on behalf of WMB’s Board and Management thanked Hon. Davis Steven (MP) and the office bearer of EDDA for having faith and trust in WMB to manage this fund for the benefit of the women and people of Esa’ ala. The CEO of MAMA BANK explained that the Women’s Micro Bank is trying to implement the real microfinance concept in the country through technology enabled solutions. Empowering and building the financial capacity of Papua New Guinea through group mechanism with demand driven savings product and easy access to credit facilities will see an Economy of Scale for informal sector, resulting in a sound Savings Culture leading towards a greater impact in their lives in terms of financial independence so that every women and girls can be able to make informed decisions in meeting their personal as well as their family’s current and future needs. He further emphasized that the real economic empowerment of this country is possible through women economic empowerment. The presentation will see the empowerment of women and their family in Esa’ala District.
This funding will now enable Women’s Micro Bank to operate in Esa’ala district through its established agent office in Esa’ala. Women’s Micro Bank is in process to establish their presence in Alotau for ease of doing business in Esa’ala. This will enable an all-inclusive approach wherein banking services in Esa’ala will be supported through Alotau basically for ease of doing business, marketing and branding.
Mr. Das emphasized that Women’s Micro Bank Limited is the only licensed financial institution in Papua New Guinea with an explicit focus on women. MAMA BANK is the TRU TRU bank for its members and adhere to the slogan “SAPOTIM MERI KIRAPIM BISNIS KIRAPIM KANTRI” MAMA BANK believes that women are the gateway to economic empowerment of the country, thus, entrenched its business philosophy in “Women Economic Empowerment.” We believe that when money goes to the women’s hand it reaches 100% to family’s welfare and guarantee higher utilization of total disposable income.
He further emphasized that MAMA BANK always asked its customer to do Savings first and Savings should be first expenditure of Income not last. This has bear the fruits during COVID-19 emergency period and all the customers of MAMA BANK are happily using their savings money during lock down period.