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Institution Contact Details |
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| Name of Institution |
Nationwide Microbank |
| Postal Address |
Head Office PO Box 2932 LAE Morobe Province |
| Country |
Papua New Guinea |
| Telephone |
472 4305/4308 |
| Fax |
472 4461 |
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Website Address |
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Skype |
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Contact Person |
Lionel. A. Somarante & Julie. J. Pia |
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Position |
Chief Executive Officer & Marketing Officer |
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Current Legal Status of the Institution |
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Objectives |
Nationwide Microbank is to be a leading national level Micro-bank of PNG and to provide equal access to banking services to the population of PNG at large.
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Brief History |
In 2002, Government of PNG and ADB decided to initiate the PNG-ADB Microfinance and Employment Project to address the financial needs of poor people of PNG in general and micro, small and medium enterprises in particular. As a major component of the project; micro banking piloting was started in 2004 at Wau, to pilot the microfinance program in PNG. The pilot scheme was successfully implemented and transformed it into a commercially viable business entity under the business name of Wau Micro Bank Ltd (WMBL) in 2006. It is the first micro bank licensed by Bank of Papua New Guinea (BPNG) and dedicated to providing financial services to micro and small entrepreneurs and the general public of PNG on a sustainable basis.
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Ownership
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The Government of Papua New Guinea. |
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Operations related to |
The Bank provides financial services including savings and credit to grassroots, salary earners, micro enerprise and SMEs in PNG.
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Main Funding Sources |
Equity from the Government of PNG and deposits from the general public. |
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Main Challenges |
Expanding the branch network countrywide to reach the areas which have still not been reached by the banking sector.
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Other Networks |
Not Applicable |