Today marked a historic occasion for the women folk in New Ireland Province as Governor, Byron Chan officiated the launching and Signing of a Memorandum of Agreement (MoA) between New Ireland Provincial Administration, New Ireland Development Corporation Limited and Mama Bank (Women’s Micro Bank).
The event took place at the Sir Julius Chan Stadium in Kavieng, New Ireland Province witness by mothers and women of the province, and other important dignitaries.
A total of K1.5 million was given to Mama Bank as loan grants for those 3,000 mothers in the province that already have existing accounts with Mama bank.
In his speech at the official launching program, Governor Chan said that the launching of this significant development was supposed to happen a long time ago, but the recent politics in the province did not allow it.
New Ireland Provincial Assembly’s Women’s Representative, Fiona Cheong when speaking on behalf of the women, said that today’s signing was more than just a signing of a document.
“Today represents hope and opportunities. Most importantly today represents the commitment to empower the women from New Ireland province to become stronger and equal participants in the country’s development agendas in financial inclusion,” said Cheong.
She urged her fellow women not to open accounts for the sake of having a bank account, but to use this to open doors to financial opportunities, financial dignity and financial independence.
“I encourage our women to fully embrace the opportunity to open savings account, learn financial management, build savings habits and support one and other. Most importantly, use this opportunity to build sustainable businesses to support your families and communities,” said Mrs. Cheong.
While he thanked the women of New Ireland province for turning up in numbers to witness this significant signing, Governor Chan also reminded them that they are securing a future for them and their family when opening an account with Mama Bank.
According to Governor Chan, he heard about this idea of establishing a women’s bank in the province from his father, the late Sir Julius Chan, about 18years ago. Three years ago, Late Sir Julius Chan mobilized the women and brought in Mama Bank. However, the actually launching never took place, following his passing.
“Regardless, this idea or policy to have Mama Bank established here was late Sir Julius’s dream with the mothers. I’m only here as the Governor to implement the actual signing and fulfil my old man’s dream,” said Governor Chan.
Mr. Gunanidhi Das – CEO of Mama Bank, thanked the Marape/Rosso Government for their support towards Mama Bank with a K30 million in SME grants, to support the mothers and women in the country.
He also thanked Governor Chan and the New Ireland Provincial Government for ensuring the signing of the MoA took place for the benefit of the mothers and women in the province.
While Mr. Das made mentioned some of the other products and brands offered by the Mama Bank, He encourages the mothers to utilize the financial literacy training they acquired and learn to save. He told the mothers that when they earn to save and keep a good report of their financials, it helps create other opportunities for other investment opportunities.
The K1.5 million funding will give the mothers that already have an account with the bank to obtain loans for up to K500 per women to use as seed capital or to support their business, especially for those that have SMEs or other businesses.
