The new branch of the Women’s Micro Bank (Mama Bank) at the Yangoru-Saussia District of East Sepik Province opened for business on Tuesday 30th January.
This follows the signing of a Memorandum of Agreement (MoA) between the Yangoru-Saussia District Development Authority (DDA) and the Mama Bank on Thursday last week.
Provided the very easy requirements to open an account, the people lined up in excitement at the new Mama Bank branch in Yangoru Station to open their bank accounts on the bank’s first day of operation.
Mama Bank is the second bank to be hosted by the Yangoru-Saussia District after Bank South Pacific (BSP).
“BSP has been with us over ten years and has over 15,000 clients throughout the district. They have done a good job so far in providing banking services, however, we feel that it is time for some competition and a new model of banking services where we are bringing the service right to the villages.”
Minister for International Trade and Investment & Yangoru-Saussia MP, Richard Maru said the new Mama Bank is expected to bring banking services to the villages and rural areas of the district.
“Most mothers cannot come all the way to Yangoru Station to access the baking services so the DDA under my leadership now want to take the banking service to the doorsteps of our people. The DDA has purchased a vehicle for Mama Bank which is being shipped. When the vehicle arrives the officers of the bank will go to every village in the district to open the bank accounts of our people. I do not want my people from the villages to come looking for the bank; I want the bank to go looking for them. I believe that with such access given to the people they will be more committed to save money and plan for the future and do away with the high consumption culture.”
Minister Maru further stated, “We also want the officers of the Mama Bank to travel to the villages to offer financial literacy trainings so our people will know how to save money, how to apply for a loan, and how to start and grow their own businesses.”
Anew District Credit Guarantee Scheme called ‘Putim na Kisim’ will be launched during the official opening of the bank that is set for next week.
“Under this scheme if you want to borrow money from the bank you will first have to save. This will encourage everyone to practice saving, a culture that we really want to introduce in the district. The loan will be secured by a guarantee by the district which means if our people do not pay the loan the district will pay it off. This way our people cannot pledge homes for mortgage and security but instead they can just borrow on the guarantee that the district will provide. This is one of the packages that we want to offer through the Mama Bank,” said Minister Maru.
Minister Maru appealed to the people of Yangoru-Saussia especially the mothers to make use of the opportunity by opening their bank accounts and to practice saving.