By Lorraine Jimal
With the aim of economically empowering the informal sector, the Youth Empowerment Foundation (YEF) has aligned its vision to contribute to the government’s target of having 500 SMEs by 2030.
President foundation Robert Yori, said the organization has partnered with MiBank to assist the informal sectors in NCD and Central particularly Rigo coast, Hula and Gabagaba to open their bank accounts and assist them with loans to start up their business.
“We have partnered with Mi-Bank and we have signed two agreements, credit scheme agreement where we give credit to informal operators,” he said.
As a non-government organization their aim is to help the bulk of the population in the rural areas to open their account, assist with loans to start up their business.
“We have issued loans to about 50 plus informal operators totaling up to K400,000 already, and in terms of accounts opening we opened 1,000 plus accounts in Port Moresby and now we are moving into the rural parts,” he said.
Mr. Yori said there will also be a subagent to enable people to deposit and windthrow in their communities instead of travelling to Port Moresby.
He further explained the foundation agreements with Mi Bank.
“Agant agreement is where we have the authority to open account, accept deposit and withdrawals so we become the agent of MIBank,” he said.
A first recipient of a loan through YEF MiBank agent, Mou Varo who now runs a trade store expressed his gratitude towards the organization.
With the experiences he is willing and happy to support his communities
Apart from the account opening, the foundation provides financial literacy training for the people as well.
