By Jack Lapauve Jr – EM TV, Port Moresby
Rural banking opens up banking services in rural parts of the country; extending banking services to the most remote areas in Papua New Guinea.
This was expressed by South Anglimp MP, Joe Koim, in a media conference recently.
MP Koim when launching his district’s Micro Credit Scheme, said that with rural banking, people in his electorate can now open bank accounts and access other services, unlike before.
He said banking requirements and other procedures have made it impossible for ordinary Papua New Guineans to open bank accounts.
Through rural banking, people now have access to banking services, close to their homes.
The credit scheme will enable 10 people from each ward (at a time) to receive K1000 each with an interest rate of 6.5%. The next 10 people will follow suit, six months later and so forth, with the scheme to rollout in the district.
This will allow villages’ equal chance to other banking services as well.
Consultant, Peter Nani, who is heading the credit scheme in South Anglimp said that the opportunity has presented the people with direct links to banking services.
“It’s all about connecting people with the banks”, Nani added.
Mr Nani is confident more people in rural areas of South Anglimp and PNG can receive more banking services if a scheme, as such, is replicated in other provinces.