PNG Government Injects K30 Million into Mama Bank to Support Women Entrepreneurs
The Papua New Guinea Government has allocated K30 million to the Women’s Micro Bank Limited, popularly known as Mama Bank, to provide credit facilities for women looking to start small businesses.
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| PNG Government Injects K30 Million into Mama Bank to Support Women Entrepreneurs |
Prime Minister James Marape, who attended the announcement alongside Commerce and Industry Minister Win Daki and Department of Commerce and Industry Secretary David Ganai, said the funding would come with low interest rates to support women entrepreneurs.
“The minimum loan is K300 and the maximum is K5,000 to start. As businesses grow, these amounts can be increased,” Marape said.
“Mothers in the country have potential. They look after their family, and if we can tap them into small income-earning opportunities, the country will grow,” he added.
Marape said the Government’s focus on income-earning opportunities for one million Papua New Guineans aimed to lift families into productive economic activities.
Established in 2014, Mama Bank is dedicated to women-focused banking. CEO Gunanidhi Das said the bank’s mission is to help informal mothers access credit.
“We look at cash flow, capital, collateral, condition of the business, and the character of that particular person. If a mama is at an informal market, she is earning money, and we want to see how they can take a small loan,” Das said, adding the objective was to make women and their families economically independent.
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