Rural banking made easy with the Mama Bank Access Points.
Difficult geographies, a lack of physical infrastructure and limited technological skills are major reasons as to why people in Papua New Guinea are still underserved and underbanked. Only about 37% of the population has access to financial services.
Supply and access coupled with confidence and trust issues and the lack of disposable income to save have also been a hindrance to financial inclusion.
The Women’s Microbank Limited (WMBL), set up five years ago, is faced with these challenges every day. Issues such as how to increase trust in financial institutions and how to design a product that people with even limited disposable income can use?
With support from the UN’s Pacific Financial Inclusion Programme (PFIP) a solution was designed to boost access and usage of financial services for customers of WMBL; primarily women living in rural areas in Papua New Guinea.