Nabilah S
The Women’s Micro Bank (Mama Bank) and the United Nations Capital Development Fund (UNCDF) signed a “Loan Portfolio Guarantee Agreement” for 24 months to help women and their families get ahead financially.
Mama Bank will help women who want to be entrepreneurs and are ready to step up, use their loans well, and stand out as successful businesswomen. The guarantee fund is directly linked to women who have difficulty getting loans from banks and are less likely to register their businesses as formal businesses.
Gunanidhi Das, the CEO of Mama Bank, thanked UNCDF for helping the bank, which allowed them to reach out to the informal sector and serve them better.
Neha Mehta, the Regional Manager for the Pacific Region of the UNCDF, said, “The challenge of giving small and micro businesses run by women access to credit services requires several partnerships and financial innovations to solve.”
We believe that the Credit Guarantee Scheme can help women become more financially independent and help small and micro businesses run by women grow.
In partnership with UN Women and as part of the Markets, Economic Recovery, and Inclusion (MERI) Program, we are happy to give the Women’s Micro Bank Limited (WMBL) the Credit Guarantee Scheme. This helps the financially excluded, especially women, get access to credit in Papua New Guinea.
This credit guarantee plan will be used by Mama Bank beginning in 2019. This project will make the facility bigger in all of Papua New Guinea’s operational locations.
Noel Norikgu, the head of Mama Bank, thanked the UNCDF for helping PNG women through Mama Bank. He said that the support is giving PNG a lot of useful, new, and innovative financial inclusion products and services. He also said that the support is committed to being the preferred social banking institution for the women of PNG.
