License issued for Womens' Bank in PNG

Janet Sape

Women in Papua New Guinea will now have a bank to meet to their banking needs.

This was made possible when Bank of PNG Governor Loi Bakani issued a financial business license to the Women’s Micro Bank, a subsidiary of PNG Women In Business Limited, last Friday in Port Moresby.

The financial license was issued to the board chairman of the bank Gabriel Kapris, Women In Business president Janet Sape and chief executive officer Thushari Hewapathirana.

The women’s bank will soon offer similar services as other commercial banks in the country.

Bakani said it was a step forward to empower the disadvantaged women of PNG.

He said the bank was for low income earners to deposit their money or get loans to start a small business.

“The mothers who are financially illiterate and do not know how to save money can save in that bank,” he said. Most mothers cannot access the banking services because they could not meet requirements of the big banks. Over 80 per cent of the mothers mostly in rural areas have no access to banking services.

“There is no financial institution available to help the women in the villages. There has been a big gap.

“These disadvantaged women will access the services from bank.”

He said the bank would bring change to the lives of the people.

“It will be a vehicle to enhance the lives of the women and their families in future. 

“This will help to achieve the country’s vision 2050 which is to have a wealthy, healthy and happy life.”

Bakani challenged every woman to open an account with the bank so by next year, the bank should have half a million customers.