Port Moresby, Papua New Guinea - Women’s Micro Bank Limited, branded as MAMA BANK has partnered with United Nations Capital Development Fund (UNCDF), UN Women, Consultative Group to Assist the Poor (CGAP) and the National Capital District Commission (NCDC) to support the women market vendors in Gordon’s market in Port Moresby.

During the launching, the Director of Mama Bank, Mr Noel Norikgu stated that Mama Bank is a women focused and a family inclusive microbank that is endeavoring to offer the real microfinance concept in Papua New Guinea as a social bank, hence reaches out to the convenience of clients.

“We want to thank the UNCDF, UN Women, CGAP, DFAT and other stakeholders who have confidence in Mama Bank as an implementing partner in the financial inclusion programs to support and empower women and their families through our banking model with the demand driven low-cost financial products and services through this project,” said Ricky Mitio.

The project, called MERI - MARKETS, ECONOMIC RECOVERY, AND INCLUSION aims to support and rejuvenate market women vendors in Port Moresby, Lae, Goroka and Vanimo market whose entrepreneurial activities have been impacted by Covid-19.

UNCDF Country Lead, Mr. Jagdeep Dahiya said “with this partnership we are focusing on the very basic thing of how we can get the bank going to the people’s place and not the people going to the bank. This Mama Bank Access Point will allow all the mamas in the market to do their business and do their basic banking services as well. In the afternoon when going home, give your money to the bank guys after your sales.”
With the Gordon’s market being the first one, the project will provide informal market mothers with savings, loan facility and training right within the markets to revitalize them. The three (3) key components of this project are; Access to banking services, Access to finance and Capacity Building where women vendors will be provided with Financial Literacy and Business Development Skills Trainings.

Jagdeep hoped that this initiative would give opportunities to all vendors and mamas to have banking services at their doorstep.

NCD Governor, Hon. Powes Parkop when unveiling the Gordon’s Market Banking Access point said that this initiative will help transform women vendors in informal business and grow further to the next level of formal SMEs, to achieve fundamental objectives of building women entrepreneurship.

UNRC a.i. Dirk Wagener said, “this program is for women to be able to have a safe, better and sustainable financial life through financial and digital literacy, access to capital/loan, digitization of payments and linkage to tailor made solutions, financial products and services.”
He added that the successful piloting of this will allow for Mama Bank and other financial service providers to further invest in this initiative.

“Successful adoption rate amongst the 160 women in the four locations will help to demonstrate future investment requirements to serve this market,” said Mr. Wagener.

The mothers were treated to a demonstration of Mama Bank’s biometric system that only uses fingerprints to open an account with Mama bank.

UN Women Country Representative, Mr. Themba Kalua while speaking at the launch said “as part of this partnership, UN Women has provided about K875,000.00 as loan guarantee for women vendors who would like to access loans. We know that a lot of us suffer with high interest rates loans and additional money has been provided so that through this facility, you can access loans with lower interest rates.”

“This is important because we know that most of your businesses were affected by COVID and we want to support and help you recover and take back your businesses before the COVID ends,” said Mr. Kalua.

DFAT Second Secretary Ms Nina Eliseo emphasized that the whole world is in need to have gender equality and investing in such initiatives to empower women financially and economically will lead to their livelihood promotion and give better access to the women at their doorstep which will reduce the time of banking and the cost of banking.

The launch ended with a word of thanks by Mama Bank CEO, Mr. Gunanidhi Das.

“Mothers in the Gordons Market must make use of this service to become real entrepreneurs”, said Mr. Das.

About Mama Bank
Women’s Micro Bank Limited (MAMA BANK) is a licensed Micro-Bank regulated by Bank of PNG. Mama Bank formerly known as PNG Women in Business Microfinance Institute limited established in 2010. The Bank received its banking business license from Bank of PNG in May 2014. The bank is the 5th deposit taking licensed micro bank in PNG and more importantly the first women’s micro bank in PNG and in the whole of Pacific region.

About UNCDF
The United Nations Capital Development Fund (UNCDF) makes public and private finance work for the poor in the world’s 46 least developed countries. With its capital mandate and instruments, UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level to reduce poverty and support local economic development. UNCDF’s financing models work through two channels, financial inclusion that expands the opportunities for individuals, households, and small businesses to participate in the local economy, providing them with the tools they need to climb out of poverty and manage their financial lives and by showing how localized investments – through fiscal decentralization, innovative municipal finance, and structured project finance – can drive public and private funding that underpins local economic expansion and sustainable development. By strengthening how finance work for poor people at the household, small enterprise, and local infrastructure levels, UNCDF contributes to SDG 1 on eradicating poverty and SDG 17 on the means of implementation. By identifying those market segments where innovative financing models can have transformational impact in helping to reach the last mile and address exclusion and inequalities of access, UNCDF contributes to a number of different SDGs.

For more information or media inquiries please contact:
Prabhash Ranjan: prabhash@womenmicrobank.com , msindiwan@womenmicrobank.com
Phone – +675 7091 0900
or Lorraine Basse at Lorraine.basse@uncdf.org