Mothers from Morata One (1) in Port Moresby will soon have access to banking services, after taking part in a mass account opening today organized by Papua New Guinea No.1 SME in consultation with the newly established Papua New Guinea Women’s Economic Liberation Association.
The PNG Women’s Economic Liberation Association is mostly made up of mothers who sell street food in and around the suburb of Morata and also in the markets.
The Mass Bank Account Opening was facilitated by the President of the PNG No.1 SME, Mr. Dicky Lao and his associate, Mr. Ezra Kelly.
“Our main objective in carrying out this mass bank account opening is to get our mothers in Morata, into a formalized way of conducting their small businesses,” said Mr. Ezra Kelly, associate partner with PNG No.1 SME.
Many MSME operators in the suburb of Morata have issues in securing identification documents to be able to open accounts with the banks in city and PNG No.1 SME is working to resolve this issue.
“We have come up with an agreement with the bank to provide proper identification cards for these group of mothers so they can be able to open their accounts with banks,” Mr. Kelly stated.
“Usually, these mothers keep their cash on hand and it makes it hard for them to grow and invest their money,” Mr. Kelly added.
It is hoped that with this initiative, mothers from Morata will be able to get into other business activities to benefit themselves, their families and their communities.
A good portion of the mothers who are opening their accounts today, have also undergone the Financial Literacy Training facilitated by PNG No.1 SME.
“The lack of knowledge and illiteracy holds back a lot of these mothers from gaining financial independence.”
“We hope with this financial training and now the bank account opening, the mothers here are becoming more aware of the processes involved in formalizing their businesses,” Mr. Kelly said.
The mobile team from the Bank of the South Pacific were on site today at Gibiri Street in Morata, to register more than 1000 mothers who turned up to open their personal accounts.