The people of Wau Waria District can now have easier access to banking services with the opening of Mama Bank, an initiative led by the district’s first Member of Parliament, Hon. Marsh Narewec.
Recognizing the absence of local financial services and the risks people face travelling to Lae or Bulolo just to bank, MP Narewec specifically chose Mama Bank, a rural micro-bank known for its accessibility, affordable fees, simple paperwork, and reasonable loan interest rate of just 3 percent.
This’ll be the third week since the bank opened, the first week was for enquiries only, and it fully operational for normal transactions the second week onwards.
Reichzonia Lari, SME Coordinator with the Office of the Member and now Project Officer of the Wau Mama Bank, working as a liaison officer between the bank and the district, confirmed that once word spread, locals flocked into the bank in groups.
“Many enthusiastically opened accounts and have already begun depositing their savings. Women’s cooperatives, youth groups and small-scale miners were among the first to open accounts,” she said.
The bank’s staff are recruited from within the district to ensure smooth and efficient operations. Ms Lari explained that as a micro-bank, Mama Bank offers basic financial services including deposits, withdrawals, loans and financial literacy training.
“Unlike commercial banks such as BSP and Westpac, which operate nationally and internationally, micro-banks focus on supporting local communities and small-scale enterprises.”
“New customers can access quick loans of up to 80 percent of their savings. For instance, a customer who saves K500 can borrow up to K400. Loyal customers who repay loans on time can gradually access larger loans through the bank’s “One is to Two” loan program,” she explained.
Since Hon. Narewec’s announcement in 2023, interested residents have approached the district’s SME office for assistance with the necessary paperwork.
Coordinating between the district and the Lae branch, Ms. Lari has finalized accounts for customers from as far as Garaina in the Waria Rural LLG, as well as from the Bulolo and Huon Gulf districts, integrating them into the local bank’s database.
Mama Bank’s central processing unit in Port Moresby also allows customers to access their accounts anywhere in the country, now including Wau.
To further support rural communities, women’s micro-bank loans require minimal documentation. Simple identification from pastors, councillors or bank-provided references is sufficient. These profiles are then endorsed by the District Development Authority (DDA) before the banking and project loan processes commence, enabling services that align with the needs and understanding of the locals.
To ensure the safety and security of the new banking facility, the Kanga Security Force Co-operative Limited (KSF) has been engaged. KSF is a newly established, locally based security force made up entirely of young, energetic youths from the district who are committed to addressing petty crime in and around Wau.
This too is another initiative of Hon. Narewec, under the Youth Empowerment Program (YEP).
KSF is a registered security entity under the PNG Co-operative Society, signing a security contract with the Wau Mama Bank as their first-ever client, pledging to protect the district’s first bank in many years.
Hon. Narewec has emphasized that the official launching of the Mama Bank branch yet to take place, will mark a major step toward empowering grassroots communities, encouraging savings, improving access to credit, supporting small-scale development projects, and creating employment opportunities for local youth across the district.
