A cheque of K1 million presented to the Women’s Micro Bank or the MAMA BANK will see the delivery of financial services for the Samarai-Murua district.
The cheque handed over recently by Member for Samarai-Murua and Minister for Tourism, Arts and Culture, Isi Henry Leonard symbolizes a milestone moment in partnership with the Women’s Micro Bank.
This financial boost seals the Memorandum of Agreement (MOA) signed between the two parties last year to provide accessible financial services and affordable MSME credit facilities for women and their families. This will also enable the youth and the local people to have easy access to funds to support their livelihood activities and empower them socially and economically.
The two parties recognized that ordinary women, youths, and people, in general in the district have been lacking affordable and accessible banking services that meet the real needs of ordinary citizens.
The Samarai-Murua District Development Authority (DDA) found MAMA BANK to be their choice, as they believe it provides real microfinance services tailored to people's financial needs.
Mr Leonard said his district is committed to assisting its people to be productive and is committed to delivering on its responsibilities captured in the Agreement.
The initiative is jointly coordinated by the Samarai-Murua District DDA and Mama Bank’s project team. On this occasion, Mr Henry said this would create an avenue for his people to have adequate access to opportunities, to enable them to play a more active role in the economic development and contribution of the district.
Micro Bank chief executive officer, Gunanidhi Das highlighted the importance of the real microfinance concept in the country, and how the MSME credit scheme should link to the performance of the informal sector and beyond.
The Micro Bank stressed that SMEs can be created and the Government’s ambition of achieving 500, 000 thousand SMEs by 2030 will be fulfilled if the MSME sector is taken care of properly.