ABG embraces Women’s Micro Bank establishment
The establishment of the Women’s Micro Bank branch in Bougainville has been embraced by the Autonomous Bougainville Government following the launch in Buka last week.
ABG Vice President and Minister for Commerce, Trade, Industry and Economic Development, Hon. Patrick Nisira, pledged the ABG’s support for the bank’s establishment and operations in Bougainville, noting that it complements key economic programs and goals of the ABG.
“It is initiatives like this that the Toroama-Nisira government will seek to strengthen and utilize as productive partnerships for mutual gains. ABG recognizes the key role the private sector plays in economic development,” he said.
Minister Nisira described the establishment as a milestone in Bougainville’s economic development journey. He highlighted the critical role that Bougainville women play in their families and communities, saying, “With the current time and context, their role is even more crucial; they are not just caregivers and leaders in our social cultural hierarchy but also key contributors to economic self-sufficiency of all Bougainvillean families. Their hard work and dedication they have always aimed to build stronger resilient Bougainville communities.”
He reiterated the ABG’s commitment to enhancing economic growth through inclusive initiatives like Mama Bank, which empowers women by equipping them with financial literacy, entrepreneurship skills, and better access to banking services. He added that the partnership with Mama Bank aligns with the ABG’s efforts to build a self-reliant Bougainville, and represents a collective effort between the national and Bougainville governments and the private sector.
Minister Nisira said the launch of Mama Bank aligns with key ABG programs such as the constituency investment program, which provides funding to community-based businesses to help revive local economies. He also mentioned existing indigenous financial institution establishments such as the Bougainville Savings and Loans institution and a proposed Development Bank, which aim to support long-term growth.
In addition to this, Minister Nisira announced that his Ministry and Department is actively negotiating to bring more financial institutions to Bougainville, such as TISA Bank, as part of the ABG’s broader effort to increase competition in the banking sector and improve services for all citizens.
The establishment of the Mama Bank branch in Bougainville follows the Memorandum of Understanding (MOU) signed in April 2023 by Regional Member and Minister for Police Hon. Peter Tsiamalili, paving the way for the establishment of branches in Buka, Arawa, and Buin by 2025.
According to the Regional Member for Bougainville, the MoU outlines Mama Bank’s commitment to addressing financial disparities in local communities, aligning with the peace agreement’s vision of fiscal self-reliance for Bougainville.
The Mama Bank was officially opened by Deputy Prime Minister Hon. John Rosso, and witnessed by ABG Vice President Hon. Patrick Nisira, ABG Minister for Primary Industry Hon. Geraldine Paul, Regional Member for Bougainville, Hon. Peter Tsiamalili Jnr, National Member for North Bougainville, Hon. Francesca Semoso and Chairman of Women’s Micro Bank Limited, Noel Norikgu.
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