WOMEN'S MICRO BANK IN EAST SEPIK & MOROBE

 

WMB staff hosting a group meeting with women and interested locals at Hube LLG, Pindiu, Finschhafen District, Morobe province.

New loan product to empower women in Maprik and Lae

The Women’s Micro Bank or WMB has launched a pilot in East Sepik and Morobe for a new group-based enterprise loan product.

Two self-reliant groups have been established in Maprik and Lae districts, with up to 20 women in each group. 

The aim of the pilot is to support members to build an equity pool that will enable the women to apply for individual credit.

The approach works by allowing members to act as surety for the repayment of loans, thereby reducing the risk of default for the Women’s Micro Bank.

The loan amounts will grow over time, in proportion to the equity contribution, allowing members to build an individual credit profile and access other financial services from the banking sector.

The WMB sales team on an outreach trip to Ginigolo village, Rigo, Central Province, carrying out financial awareness and opening new customer accounts using technology enabled devices, tablet, biometric scanner and Bluetooth receipt printer.

The product has been developed with technical advisory support provided through the PNG-Australia Partnership. 

The pilot is closely aligned with the PNG Government’s priorities to promote financial inclusion and build the Micro, Small to Medium Enterprise (MSME) sector, especially women led MSMEs.

The trial will be implemented up until October 2022 and will target women working in the informal economy. 

The Women’s Micro Bank will provide the pilot groups with necessary training on financial literacy, and group management and administration.

Findings from the pilot will be used to revise the product and roll-out the approach to other WMB customers at branches across PNG.