PNG’s MiBank Encourages Saving Culture

February 17, 2016

PAPUA New Guineans are encouraged to have in them the saving culture mentality for “rainy days” and discouraged to spend all their hard earned cash whether they are self-employed, professionals or villagers.Savings

Ms. Vero Kolongo, a bank officer with MiBank based in Madang,(formerly Wau Micro Bank) challenged the people of Uria village in Ward 19 area of Usino Local Level Government during an awareness work partnership with RamuNiCo Project on February 6.

Ms.Kolongo said many people today have the attitude of spending more and saving less but this must change and encourages more people to have access to banking products and facilities to instil in them saving cultures

“Unlike other banks in PNG, our conditions are not strictbecause we want to encourage many people like farmers and villagers have access to our products and encourage saving culture,”

“We have three different saving accounts, MiPikininifor children, MiSavor and MiCash for adults,”Ms.Kolongo said.

She said MiPikinini account is for children with an opening amount of K2 and the child can only withdrew after 18 years of age. MiCash is a mobile banking service with an opening amount of K25 while MiSavor needs K20 to open and enables customers to access loan facilities.

A total of 55 personal accounts were opened on the day, 18 for MiPikinini and 37 for MiSavor following a week long workshop on Poultry Project started on Monday Feb 1 and ended on Saturday Feb 6.

RamuNiCo in partnership with the Madang Provincial Government through DAL and the local WekumaraPoultry Project initiated the workshop.

“We do not require unnecessary documents or evidences like other banks that discourages small people to access banking facilities. Ours is very simple,”Ms.Kolongo said.

Usino LLG President, Mr. Joseph Kumun thanked MiBank for visiting his people and enabling them to access an important banking facility to encourage them save their little earnings.

Agriculture Supervisor with RamuNiCo, Mr. Allan Wahwah said RamuNiCo is working closely with financial institutions like banks and other partners to ensure RamuNiCo Project impact areas have access to vital products and services including banking facilities.

Ms.Kolongo said they have visited other remote villages in Madang and are open to any invitation.

Source: PNG Today