THE Women’s Micro Bank Ltd, also known as Mama Bank, has signed a Memorandum of Agreement (MOA) with the Kerowagi District Development Authority (DDA) in Port Moresby.
This partnership aims to tackle the financial exclusion of 80% of Papua New Guinea’s population and to foster economic growth in the Kerowagi District.
Papua New Guinea’s Micro, Small, and Medium Enterprises (MSME) sector faces formidable challenges, with the majority of the population lacking financial inclusion. Many in the informal sector struggle with limited access to essential training, credit, and savings facilities.
In response, Mama Bank and Kerowagi DDA have joined forces to create a supportive ecosystem that will address these barriers and enable a business-friendly environment in the district.
The Chairman of Mama Bank, Mr Noel Norigku, expressed his enthusiasm for the collaboration, noting the strategic importance of reaching the Highlands regions.
“I was always wondering how to bring the bank into the Highlands regions, and Kerowagi DDA has stepped forward. This is a breakthrough, as Kerowagi sits at the heart of both Jiwaka and Chimbu provinces,” he said.
Mr Norigku emphasized that this partnership marks the beginning of greater financial inclusion and economic opportunities for the people of Kerowagi.
During the ceremony, Mr Gibson Siune, a consultant for Kerowagi DDA, highlighted the vision of the Member and the DDA to assist the district’s people.
“This partnership, along with support from other stakeholders such as CPL, will help our people grow their businesses and achieve financial independence. It will enable them to become key drivers of economic growth and development in the community,” Mr. Siune stated.
Hon. Member Francis Kikin Siune, MP for Kerowagi District, expressed his gratitude for the partnership and praised Mama Bank’s initiative.
He emphasized that this collaboration would benefit the informal sector and serve as a gateway to broader economic activities within the district, contributing to the nation-building efforts.
“This initiative will not only benefit the informal sector but also help explore further economic activities within the district,” he added.
The Operations Manager of Mama Bank, Rex Nonga, in a brief yet heartfelt speech, stated that the partnership was important in achieving the banks’ vision and mission.
“This partnership is an important step in achieving the Bank’s vision and mission as we empower SMEs and support financial inclusion.”
The MOA outlines the mutual roles and responsibilities of both parties, including the formation of a Steering Committee to oversee project activities. This partnership signifies a commitment to creating a thriving business environment in Kerowagi, addressing social issues, and boosting local markets through collaborative efforts.
With this landmark agreement, Mama Bank and Kerowagi DDA are poised to make a significant impact on the economic landscape of Kerowagi District, paving the way for sustainable development and financial inclusion.
