Mama Bank sign deal in Kavieng

As a Mother’s day gift to the women in New Ireland Province, Women’s Micro Bank or Mama Bank signed a Memorandum of Understanding partnership with the New Ireland government on Friday 5th of May.

Chairman of Mama Bank, Noel Norikgu and CEO Gunanidihi Das and their team are currently in Kavieng with the done deal that was made at the Kavieng stadium.

“We're thrilled to be a part of this initiative and look forward to bringing financial opportunities to the people of New Ireland,” stated Das.

The partnership aims to establish the New Ireland Credit Guarantee Scheme for New Irelanders in Kavieng under the leadership of New Ireland Governor Rt.Hon. Chief Sir Julius Chan.

Sir Julius is also excited to launch the New Ireland Credit Scheme administered by Mama Bank.

According to the New Ireland Provincial Government, the implementation of the Malagan Declaration Forward through the partnership with Mama Bank, will guarantee 50 percent of all loans extended under this scheme and for a start will limit maximum borrowing to K 100,000 to any individuals to enable more small businesses to participate.

“Individuals or families in the province who have a vision to start business to visit the SME Office at the New Ireland Provincial Administration as long as they have the required 10 percent equity for borrowing,” stated Sir Julius.

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