BY: FELISHA KAPIPI
THE Women’s Micro Bank or Mama Bank has been working with the Rigo District Development Authority since the signing of a Memorandum of Agreement on April 21st, 2023.
On Thursday April 11th, a total of four vehicles were given to four families from Rigo under the agreement.
This significant milestone for Mama Bank and the people of Rigo commemorates the bank’s first set of disbursements of 18 MSMEs loans at 24% special interest rate and four Motor Vehicles loans at 12% special interest rate, facilitated through the Credit Guarantee Scheme which was established when the agreement was signed.
Rigo Member and Minister for National Planning Sir Ano Pala acknowledged Mama Bank for honoring their obligation in the MOA and the bank’s commitment to providing easy access to credit funds for the people of Rigo District.
“This deal is the beginning of bigger things to come because we have established a relationship based on trust that you can help us and we will keep our commitments,” Sir Pala said.
Mama Bank Chief Executive Officer, Gunanidhi Das expressed gratitude to the Minister and the Rigo DDA for playing a vital role through the partnership.
“This milestone achievement will set precedence for more customers to follow suit. Mama Bank is the youngest in the microfinance space in PNG, and we have proved ourselves that we can deliver in any such projects and we are overwhelmed that this will be another boost to our inspirations to serve ordinary Papua new Guineas who are rural based,” Das said.
The recipients of the vehicles and their families were overwhelmed and thanked the Rigo DDA and Mama Bank for making life easier for their families and communities.
