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Port Moresby
February 25, 2020
Business Featured Momase News

Over one thousand recognised as shareholders of Women’s Micro Bank

Over one thousand women in Morobe are now recognised as shareholders of the Women’s Micro Bank. On Friday, the bank presented one thousand, seven hundred and eighty-six women with share certificates. Women who received share certificates were mostly mothers from the districts of Markham, Huon Gulf, Bulolo, Nawaeb and Lae. It was also during this time that pioneering members became direct shareholders. All this was made possible by the allocation of new series of shares through Women in Business Limited.

Jenny Rutu was one of the pioneering members who received a share certificate.
“It was in 2014 that the Governor of the Bank of PNG issued the license and the bank was opened for business. It all happened in Port Moresby with the support of late Janet Sape. We were all excited when she informed us,” Rutu said.

The Women’s Micro Bank was opened in August 2014 as the first ‘mama bank’ of Papua New Guinea. In 2017, the bank released 7, 021, 300 in ordinary shares at an insurance price of K1 per share. The share purchase floating was from September that year to June 2018. 7, 857 women bought shares during that period – 1, 786 were from Morobe Province.

“It’s not easy for us mothers in the rural areas, we climb mountains to come and sell our garden produce. The banks helps us to save whatever little we make,” said Rutu.

The Women’s Micro Bank is the only licensed financial institution in country, focused on empowering women.

By Sharlyne Eri – EMTV News, Lae

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