MAMA BANK SIGNS MOA WITH MENYAMYA DDA

THE Women’s Micro Bank Limited (Mama Bank) signed a Memorandum of Agreement (MoA) yesterday with the Menyamya District Development Authority (DDA).

The signing marked a partnership between the Mama Bank and people of Menyamya especially for the Bank to assist the people of Menyamya with financial inclusivity and Micro, Small and Medium Enterprise (MSME) Credit Schemes.

Mama bank Chairman, Mr Noel Norikgu in his opening remarks, said, Menyamya DDA will be the 3rd DDA in the Province to sign an MoA with the Mama Bank and they are very happy to work with them to deliver banking services to the people of Menyamya.

Menyamya DDA Chief Executive Officer, Mr Fidelis Harrisol thank the mama Bank for this significant partner for the district especially towards boosting the local economy and as such, he assure mama bank, that his team will be working closely with the Mama Bank to ensure full implementation of the partnership.

Mama Bank Chief Executive Officer Mr Gunanidhi Das reiterated that the key driving force of this partnership is financial inclusion, with emphasis on two ideas; bringing accessible banking to the people in rural areas and to train grassroots of Menyamya on the basics skills of savings culture and credit culture.

As per the MoA, the Menyamya DDA has pledged K1 million as the initial security.

The Member for Menyamya, Solen Loifa was present to witness the signing.

“Menyamya is a rural electorate and most of the people don’t have access to banking services. District is willing to assist where our people are not able to source the fund, the district will put in the cover or security so they can access what the district has got with mama bank” said Loifa.

He adds that the people of Menyamya are mostly engaged in cash crops especially coffee and other vegetables, and it is important that these farmers are trained on how to bank their surplus earnings.