In a landmark initiative aimed at bolstering the microeconomic landscape of Bougainville, Papua New Guinea deputy Prime Minister John Rosso officially inaugurated the Bougainville Mama Bank.
This was witnessed by MP North Bouganville Francesca Semoso, ABG Vice President Patrick Nisira and Minister for Primary Industries Geraldine Paul.
This initiative follows the Memorandum of Understanding (MoU) signed in April 2023 by the Regional Member and Minister for Police, Peter Tsiamalili, which facilitated the establishment of branches in Buka with Arawa and Buin by 2025.
The Women’s Micro Bank Limited (Mama Bank) represents a crucial advancement in empowering the informal sector, small and medium enterprises (SMEs), and smallholder farmers throughout the region. The establishment of the bank is expected to enhance financial access and support for women, who play a vital role in the local economy.
During the event, 170 mothers were awarded their Financial Literacy Certificates, a prerequisite for accessing the bank’s various products. Among these participants, fifty women each from Central and South Bougainville, and seventy from North Bougainville, have taken significant steps towards financial empowerment.
Chairman of Mama Bank, Noel Norikgu and CEO Das Gunanidhi expressed pride in the institution’s growth, highlighting that after ten years, Mama Bank has expanded its reach to the New Guinea Islands and, more importantly, to the region of Bougainville.
This development is particularly significant given the matrilineal structure of Bougainvillean society.
Tsiamalili emphasised the pivotal role women will play in shaping the future economy, stating, “Men will build strong families, but women will build strong countries.”
He underscored that the financial empowerment of women and mothers is directly linked to the strength of the economy.
The MOU also outlines Mama Bank’s commitment to addressing the financial disparities in local communities, aligning with the peace agreement’s vision of fiscal self-reliance for Bougainville.
The establishment of Mama Bank has been supported by a K2 million (US$508,000) investment, along with an additional K2 million (US$508,000) equity investment towards BUSIBA, a cocoa company owned by the people of South Bougainville, which has recently commenced exports to Indonesia.
This approval of a K3 million (US$762,000) loan to BUSIBA highlights Mama Bank’s strong confidence in Bougainville’s farmers and businesses, showcasing the institution’s readiness to foster economic growth within the region.
The K2 million i(US$508,000) investment is part of the Marape-Rosso Government’s intervention in the cocoa sector in Bougainville.
Under the MOU, mothers in Bougainville will have the opportunity to purchase shares, with the vision of making Mama Bank a wholly owned bank for the women of Bougainville. In addition, the Deputy Prime Minister has committed K1 million (US$254,000) towards supporting entrepreneurs and providing school fee assistance through Mama Bank. This initiative marks a significant step towards empowering the women of Bougainville and fostering a robust economic future for the region.