Date: January 25, 2019
Source: The National
Article Views: 280
Seven hundred (700) mothers have opened Women’s Micro Bank accounts at Morata in Port Moresby since the branch opening last October.
Urban and Rural Development Foundation (URDF) executive-director Janet Benabo said the bank, which has the brand name Mama Bank, has 500 active users.
URDF is a non-government organisation that mobilises women on the streets and empowers them with programmes they can engage in.
The baank is the exclusively for women and is the only women bank in PNG and the Pacific.
It is focused on a holistic approach in economic empowerment by offering regular banking services, quality savings
and loan products, skills development courses and training programmes primarily focusing on financial literacy and financial inclusion.
The bank launched its Mama access point (Map) official rollout pilot project in Port Moresby last week.
This is an electronic system where customers can access financial services with the use of their finger prints.
“Before the Map was launched, we were already practising it in Morata,” Benabo said.
“URDF has signed a memorandum-of-understanding with the bank.
“We mobilise the women, especially the informal sector on the streets, and do a membership.
“We then open their pass book account and we run training through the bank.
“We build the capacity of the women.
“We build them to access loans.
“After the training, they access loans and that is where they do banking.”
She said from the 500 active customers since the bank was opened, the bank had seen 180,000 deposits, and 55 women successfully got loans.
“They can access money, and with their loan, they go and do their marketing,” Benabo said.
“We only coordinate them.
“It’s a success story with 100 per cent loan repayment on time.
“I am very proud.
“We will now give the opportunity to the bulk of the women and girls in the country to have access to banking and loans.”