In the effort to increase its footing in rural areas and the urban informal market, Mama Bank has signed a memorandum of understanding with Good Return.
The signing today is for a working relationship where Good Return, an Australian Education Firm will be supporting the Bank’s Social Mission Project including Microloans.
According to Good Return Country Representative, Janine Garap, there will be funding for microloans via its loan platform program, in accordance with the Microfinance Agreement.
This will contribute to social performance management activities, including client protection, by bringing its experiences and expertise to International industry standards.
Mama Bank CEO, Gunanidhi Das, thanked Good Return and Australian donors who make such impactful programs successful for the good of ordinary citizens who face challenges.
“Women’s Micro Bank is the youngest in the microfinance space in PNG, but we have proved to ourselves that we can deliver in any such projects. We are overwhelmed that this will be another boost to our aspirations to serve ordinary Papua New Guineans who are rural based and in the urban informal sector where 80 percent population are, yet they miss out on such opportunities,” he stated.
CEO of Good Return, Shane Nicholas stated that Good Return was thrilled to be launching the programs in PNG.
He said, “The Women’s Micro Bank is the ideal partner for us as we share a vision to empower women and their families through financial inclusion.”
The three major outputs of the partnership include:
• The delivery of financial capability coaching to Mama Bank clients and communities under the CAFÉ program
• Identify potential loan clients and distribute Microloan funds to women and financially excluded communities and
• Develop strategy and implement training on Gender, Social Inclusion, and other elements of Responsible and Inclusive Finance.