GOVERNOR Elizabeth Genia of the Bank of Papua New Guinea officially inaugurated the Women’s Micro Bank (WMB) Branch in Kerema early in May of 2024 marking its fifth branch in Papua New Guinea.
Addressing a large gathering in Kerema town, Governor Genia celebrated WMB’s growth, highlighting its recognition as one of the top 50 companies for women in APEC countries and praising its role as a financial services innovator. She emphasized the importance of financial inclusion, originally led by BPNG and now a national strategic priority.
“WMB has become a key driver of financial inclusion, offering deposit-taking and lending opportunities to the 85% of the population who are unbanked,” Governor Genia remarked.
The Kerema branch aims to provide essential services such as the MSC credit scheme, financial literacy training, and basic deposit and loan facilities, offering a secure alternative to cash handling and informal lending practices.
During the event, Prime Minister Honourable James Marape launched the Kerema District SME Policy, committing three million kina to support credit lending facilities for SMEs, particularly benefiting women entrepreneurs in Gulf province.
“Engage in productive micro to small medium enterprises and secure a prosperous future for yourself and your children,” Prime Minister Marape encouraged.
Honourable Thomas Opa, Kerema Open MP, pledged an additional two million kina to support the WMB Kerema branch, becoming its first customer. He emphasized the empowerment of women in Gulf province through financial initiatives.
The event was attended by various dignitaries including Honorable Mikki Kaeok, Wapenamanda Open MP, and representatives from BPNG, WMB, and local government bodies, underscoring the collaborative effort to enhance financial opportunities and economic empowerment in Papua New Guinea.
The opening of the Women’s Micro Bank branch in Kerema marks a pivotal moment in Papua New Guinea’s journey towards financial inclusion and economic empowerment, particularly for women in rural areas. Led by Governor Elizabeth Genia and supported by Prime Minister James Marape’s commitment, this initiative underscores the critical role of accessible financial services in transforming communities.
Financial inclusion isn’t just about opening bank accounts; it’s about providing opportunities for economic stability and growth. With 85% of Papua New Guineans currently unbanked, initiatives like the Women’s Micro Bank play a crucial role in bridging this gap. By offering services like the MSC credit scheme, financial literacy training, and secure deposit and loan facilities, the Kerema branch not only safeguards against informal money lending but also encourages sustainable business ventures among women entrepreneurs.
Prime Minister Marape’s pledge of three million kina towards SME credit lending facilities demonstrates the government’s commitment to fostering entrepreneurship and economic self-sufficiency in Gulf province. This investment not only supports local businesses but also lays the groundwork for future generations to thrive.
The involvement of local leaders like MP Thomas Opa further amplifies the impact of the Women’s Micro Bank. His two-million-kina commitment and personal endorsement highlight the potential for grassroots empowerment through strategic financial support.
As Papua New Guinea navigates its economic landscape, initiatives that empower women economically are not just commendable but essential. They cultivate a more resilient society, where individuals are equipped to seize opportunities and contribute meaningfully to the nation’s development.
The opening of the WMB branch in Kerema is not just about banking; it symbolizes hope, opportunity, and the power of collective action in building a prosperous future for all Papua New Guineans. It sets a precedent for inclusive growth and underscores the transformative power of financial services when coupled with visionary leadership and community engagement.
Moreover, accessible banking services empower women by providing them with safe and reliable financial tools to manage their earnings, save for the future, and invest in their families and communities. Effective communication and collaboration among stakeholders, as demonstrated in the inauguration ceremony, are crucial in ensuring that such initiatives reach their full potential, fostering economic resilience and sustainable development across Papua New Guinea.
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