Four receive PMV under credit guarantee scheme

Four participants received a brand-new PMV each from Mama Bank under the Rigo Credit Guarantee Scheme in Port Moresby today. The handover took place outside the Mama Bank office in Port Moresby. The recipients are Nama Yagula, Maraga Genuka, Vealea Geno, and Raymond Lega.

The Rigo Credit Guarantee Scheme is a joint initiative between the Rigo District Development Authority and Mama Bank, established in 2022. The program aims to improve the economic wellbeing and living standards of the people of Rigo, enabling access to credit and business opportunities.

Second Secretary to the Office of the Member for Rigo, Charles Amini, said the distribution of the four vehicles now adds to a total of 23 PMV trucks distributed so far under this arrangement – all of which are serving the people of Rigo.

“This is a life changer for them; they have an opportunity to start a business, made possible through this scheme,” Mr Amini said. “Apart from that, we have other SME support such as table markets, stores and agriculture.”

Amini said a review was conducted to identify how participants utilize the vehicles distributed to them. The review revealed the need for financial literacy training.

“What we realized was the need for financial literacy training for recipients to have the necessary skills needed to assist them in growing their business,” he said.

Mama Bank Branch Manager Evelyn Charlie said the literacy training will be conducted for a day. It will focus on budgeting, savings, insurance, and loans.

“The training aims to educate our customers. Before taking a loan, what should I do?” she said. “Helps customers understand cash flows, how to save, how to budget, and the intended purpose for taking a loan.”

Once certified after the training, the participants will receive vehicle keys to do business.