New Ireland Province Governor Sir Julius Chan and the New Ireland Province Government has invested K2M to support women, girls, and their families in the province in the space of Financial Inclusion.
MAMA BANK has partnered with the NIPG to establish a Mama Bank Agency in the provincial capital Kavieng Town to enable the local people to have easy access to financial services and credit facility to support NIP’s economic plans in empowering entrepreneurship in the province.
This initiative was led by the CEO of Mama Bank, Mr. Gunanidhi Das and New Ireland Province Sir Julius Chan. The Mama Bank and New Ireland Provincial Government recognized that women in the province should have proper banking services to save and grow their hard-earned money through access to financial services and credit facility.
Women should have their own bank account with affordable and adequate access to credit to enable them to progress their entrepreneurship and contribute towards their family’s welfare and the province’s economic development.
During the MOA signing ceremony held at Mama Bank’s Head Office recently, Governor Sir Julius Chan announced that the New Ireland Government is committed to working with Mama Bank to establish the bank’s Agency in Kavieng Town and roll out the MSME Credit Scheme.
This scheme will be coordinated jointly by the New Ireland Provincial Government and the Mama Bank project team. Mama Bank will now establish its Agency called the “MAP” in Kavieng Town for the people’s accessibility with the help of New Ireland Provincial Government.
As an early Mother’s Day gift for the Women of New Ireland Province, Sir Julius Chan launched three impact policies on Friday, May 5th at the Kavieng Stadium, New Ireland Province. This included the first impact policy which was for the launching of the New Ireland Mama Bank and the New Ireland Credit Guarantee Scheme which will be administered by Mama Bank.
The policy, he said will benefit all New Irelanders, especially empowering women and families to do business. The New Ireland Provincial Government in implementing the Malagan Declaration Forward through the partnership with Mama Bank, will guarantee 50% 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.
Sir J said the initiative will enable a self-reliant culture in New Ireland further calling on 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% equity for borrowing.
Sir J said that this will create an avenue for his people to adequately have access to credit, to enable them to play a more active role in the economic development and contribution of the province.
The New Ireland Provincial Government and Mama Bank are prepared to consider the provision of loan facilities to borrowers through direct and through different available suppliers. These includes farmers and fishermen who are unable to provide security of a type or in an amount which banks would be requiring in the normal course of its operations.