Hon. Mendani funds Women’s Micro Bank with K2.5 Million to support MSME in Kerema District.

2nd March, 2021

Port Moresby, Papua New Guinea – Women’s Micro Bank Limited branded as MAMA BANK has received a total of K2.5 Million from the Kerema District Development Authority (KDDA) to provide credit facility in the district, enabling the local people to have easy access to credit and support the district’s economic plans in empowering entrepreneurship in Kerema District.

The Women’s Micro Bank and KDDA recognized that ordinary people in the Kerema District of Gulf Province should be equal partners in the district’s economic development plans through access to financial services. They should have their own bank account with affordable and adequate access to credits to enable them to play a more active role in the economic development of themselves and contribution towards the district’s economic development.

During the ceremony held at Mama Bank’s Head Quarters last week in Port Moresby, the Member for Kerema Hon. Richard Mendani (MP) has announced that his DDA is committed to work with Women’s Micro Bank to roll out the credit guarantee scheme. This scheme will be coordinated jointly by the KDDA and the Mama Bank project team. Mama Bank will now established its Agency called the “Mama-Bank Access Point” in Kerema District for the people’s accessibility with the help of KDDA.

Upon the presentation, Hon. Mendani said that this will create an avenue for his people to adequately access to credit, to enable them to play a more active role in the economic development and contribution of the District. The KDDA and Mama Bank are prepared to also consider the provision of loan facilities to borrowers through their suppliers. These includes farmers and fishermen who are unable to provide security of a type or in an amount which banks would in the normal course of its operations. The KDDA and Mama Bank have agreed to operate under the scheme name of “Kerema District Credit Guarantee Scheme” in order to assist Women’s Micro Bank to serve the ordinary villagers endeavoring to participate in MSME activities.

The CEO of MAMA BANK Mr. Gunanidhi Das explained that the Women’s Micro Bank is trying to implement the real microfinance concept in the country. Mama Bank believes that any credit scheme should link to the performance to the income generating activities. If a customer is willing to improve her own economy and a bank help in access to finance then automatically nation’s economy will developed. SME can be created and the Government’s ambition of achieving 500,000 SME by 2030 will be fulfilled if MSME sector is taken care properly. He thanks Member for Kerema District Hon. Richard Mendani (MP) and the DDA Members for having that vision for Kerema district and commended him and the KDDA that they are taking the right move to economic freedom for their people. “We are happy to work together to help and support KDDA’s ambitions for its District to extend inclusive financial inclusion services to Kerema people  He challenged all the men, women, youths and children of the district to use this opportunity as the gateway to become economically independent and do away with free hand out mentality.

He emphasized that Women’s Micro Bank Limited is the only licensed financial institution in Papua New Guinea with an explicit focus on women. This focus is due to women and men being positioned differently in the rural economy because of traditional gender dynamics. Men tend to produce crops for cash while most women are self-employed in an informal economy. Even all contribute in the family but money goes to men’s pocket. We believe when money goes to the women’s hand it reaches more to family welfare and guarantee higher utilization of total disposable income. Also we believe that women are the gateway to economic empowerment of the country. He further explain that MAMA BANK is the TRU TRU bank for its members and adhere to the slogan “SUPPORTIM MERI KIRAPIM BUSINES KIRAPIM KANTRI”

He further emphasized that Savings should be first expenditure of Income not last. He also request all the shareholders and customers to come and do banking with their own bank with innovative IBD products and simple loan products. Recently BANK has come up with biometric enabled technology solutions where in all the MAMA’s money is safe from fraudulent activities and urge all the MAMA to register their finger prints as early as possible to safe guard their hard earn money.

Black Thursday! STOP THE CYCLE OF GBV!

Violence is one of those epidemics that doesn’t respect limits or borders. To stop the cycle of GBV, one of the most important step is to identify the different ways that violence manifests itself. We like to believe that we learn and reproduce it and, in turn, teach and validate it. But just as you can learn it, you can unlearn it and stop the cycle.

This Black Thursday, our female staff at POM Branch and Head office came together to conduct an awareness on most common types of violence, what triggers GBV and how victims can get help. The awareness session was very emotional and informative as some female colleague’s shared their stories and life experiences of DV and how they survived it.

As a Women’s oriented bank focusing on providing financial services to all women and their family members, we join hands together with other women and like minded organisations of our great nation in this fight against GBV and we say NO to all forms of Gender Base Violence.

Respectim Meri, supportim meri , stopim GBV, kirapim kantri

#JusticeForPNGWomen #EndTheSilence #SayNoToGBV

#ENDTHESILENCECAMPAIGN #WomensMicroBank #MamaBank

“FROM TABLE MARKET TO TRADE STORE, TAXI SERVICE AND RENTAL PROPERTY” A CLIENT’S SUCCESS STORY

Meet Mrs. Elizabeth Tandapi, an informal table market woman developed into a businesswoman through Women’s Micro Bank.

“The dream that I had since day one is a dream come true today, from table market to trade store, taxi service and rental property.” Testified Elizabeth Tandapi, one of the pioneer customers of Women’s Micro Bank.

Hailing from Enga Province, Elizabeth Tandapi is one of the pioneers of WMB. Her dream was to become a businesswoman when she joined Women in Business Foundation (WIBF) in 2009 inspired by the charismatic lady Late Janet Sape. At that time Elizabeth was doing informal table market in Port Moresby to support her family. Using a small 100 cm by 100 cm table, she was selling dough nuts, ice blocks to sustain her livelihood. From the little earnings, she budgeted for her family’s food and did her savings with WIB with a dream to become a successful businesswoman. Elizabeth was one of the first customers (19th Customer, Meri Moni Savings Account number 00019) to open bank account with WMB after attaining the license from BPNG in May 2014.

Following the legacy of Late Ms. Janet Sape, Elizabeth stood firm, committed and worked hard towards achieving her dream. In 2014, Elizabeth’s savings was more than K10, 000 in her savings account when she obtained her first loan of K10, 000 in August 2014. Valuing the savings culture she hesitate to withdraw her money and obtained a loan which she used and built a trade store and migrated from table market to trade store by selling all grocery items. Elizabeth’s motivation began to rise and she envisioned how she will develop her entrepreneurial ambitions. With that motivation, Elizabeth repaid her loan accordingly as per the loan repayment schedule without any defaults. During the tenure of WIB, she has already got three small loans to support her table market so had the knowhow of loan repayments.

“It was my dream to become a businesswoman and to become equal with men given the challenges we womenfolk in PNG face daily as men tend to consider us as inferiors even though we contribute a lot in the family. So I want to break that cultural barrier and be equal with men by becoming a successful businesswoman,” said emotional Elizabeth. She explained that just after one year from the first loan of K10, 000, she used part of the proceeds to purchase a second-hand taxi to run a taxi service in Port Moresby.

On March 2016, Elizabeth obtained her second loan of K25, 000 with an ambition to scale up her business, which she ventured into building a five (5) bedroom rental house. She said that she haven’t been to any formal education or business courses, however, with the Financial Literacy Trainings and Business Development Skills Training that she obtained from WMB, she is able to manage and run her business. She paid off the loan within schedule time and doing savings regularly to obtain a bigger loan upscale and diversify her business. Elizabeth is now running a trade store, a taxi, rental house and recently she purchased a land. Elizabeth’s plan is to upscale her trade store into a mini shop, build two (2) more rental houses and build a proper parking bay for her taxi and purchase one more. During covid-19 lockdown period she took a small loan of K2, 000 to support her business cash flow and has confessed the importance of savings culture that embeds WMB’s business philosophy as experienced now where all the women are happily using their savings money during this covid-19 lockdown period. Elizabeth plan to take up another loan when the Covid-19 situation improves so she can continue on with building up her business. When asked what would be her best advice to other women, smiling Elizabeth said “Simple, start small, have a goal, work hard, seek fund support from our own Bank, honor your commitment, stick to one bank who can be in your help at any time and rest will follow suit. Like me, “from table market to trade store, taxi service and now rental property.”