Residents of Wau Waria District, in Morobe Province are set to benefit from expanded access to banking services and financial education following the opening of a new Mama Bank Access Point and the signing of a three-year Memorandum of Understanding (MoU) aimed at strengthening financial inclusion across the district.
The twin initiatives, launched during Bank of Papua New Guinea Governor Elizabeth Genia's visit to the district, mark a significant step towards improving access to formal banking while equipping communities with the knowledge and skills to better manage their finances, grow businesses and participate in the formal economy.
The official opening of the new Mama Bank Access Point returns formal banking services to Wau after many years, providing residents with access to EFTPOS and ATM services without the need to travel long distances to conduct basic banking transactions.
Governor Genia described the occasion as more than the launch of a banking service.
"It is a celebration of opportunity, partnership and the determination of the people of Wau Waria to build a stronger future for their families and communities. Today is also significant because it marks the return of formal banking services to Wau after many years."
She said access to financial services is fundamental to improving livelihoods and creating opportunities for individuals, businesses and communities.
"Fair access to financial services allows people to save safely, manage their money more effectively, build businesses, invest in productive activities and prepare for the future."
Governor Genia also commended Mama Bank for extending banking services to people who have traditionally faced barriers to the formal financial sector, particularly women, small business operators, market vendors and rural communities.
She said when women gain access to financial services, the benefits extend well beyond individual account holders, strengthening families, businesses and communities.
Complementing the opening of the new banking services, Governor Genia, in her capacity as Chair of the Centre for Excellence in Financial Inclusion (CEFI), formally signed a three-year Memorandum of Understanding with the Wau Waria District Development Authority.
The partnership will focus on expanding financial inclusion through financial literacy training, business skills development, additional banking access points and greater access to financial services for women, young people and rural communities.
Governor Genia said financial inclusion is about much more than simply providing access to bank accounts.
"The signing of a Memorandum of Understanding between the CEFI and the Wau Waria DDA is a partnership that reflects this shared commitment to improving financial inclusion across the district through practical initiatives such as financial literacy training, business skills development, expansion of banking access points, and greater access to financial services for women, young people and rural communities."
She said empowering people with financial knowledge is just as important as providing banking services.
"Importantly, this partnership is not simply about opening bank accounts. It is about building the knowledge, confidence and opportunities that enable people to use financial services effectively to improve their livelihoods and achieve their goals."
Governor Genia said the agreement provides a framework for long term collaboration between CEFI and the Wau Waria District Development Authority to ensure communities have both access to financial services and the confidence to use them safely and responsibly.
She commended Wau Waria MP and District Development Authority Chairman Marsh Narewec for recognizing that economic development requires more than financial services alone.
Governor Genia also welcomed the district's Cooperatives Capacity Building Program and the launch of the Kange Security Force, saying both initiatives complement financial inclusion by strengthening local enterprise, promoting community safety and creating an environment that encourages investment and economic participation.
She further acknowledged Papua New Guinea's ongoing efforts to strengthen anti money laundering and counter terrorism financing measures, noting that the country's regulatory framework allows simplified banking requirements for low risk customers while maintaining the integrity of the financial system.
Governor Genia said these initiatives work together to expand financial participation, improve livelihoods and create sustainable economic opportunities for communities throughout Wau Waria.
"Successful financial inclusion requires long term commitment, partnership and local leadership. The agreement we are signing today provides a framework for that collaboration and demonstrates a shared determination to ensure that the benefits of financial inclusion reach communities throughout the district."
With formal banking services now restored and a long-term partnership in place to strengthen financial literacy and economic participation, Wau Waria is positioning itself to expand opportunities for families, entrepreneurs, farmers, market vendors and future generations across the district.
