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ANZ Approves First Solomons Microfinance Loan

Monday: April 16, 2007

(ANZ media)

ANZ recently introduced a micro-finance scheme through its mobile banking operation which allows ANZ rural savers to access small loans to purchase household items such as solar kits, stoves, pay for school fees and fund village business ventures.

Team Leader of ANZ’s mobile banking branch Mr Peter Isaac said that “Rural savers have begun applying for Micro Finance loans and already the first loan has been approved”.

Madalene Mae was thrilled to learn that she would be the first recipient of an ANZ Micro Finance loan. "This will greatly help us get some stock for our family canteen. We have worked very hard for our canteen and this small loan will greatly help us”.

“We know that if we do this properly, this loan will greatly help our lives, a better living and better community. We plan to work together and closely with ANZ to build our business in other areas such as cocoa and copra. We will be working to get a truck!" said Ms Mae.

A family member, Calisto Voka said “"our family is very happy...thank you for helping us. We thank ANZ for this. This is something very big for our community...we haven't received any help like this from anyone".

Tait Jenkin, ANZ General Manager Solomon Islands said “In the last 18 months ANZ has embarked on a ‘banking the unbanked’ strategy, which aims to provide simple, reliable and affordable banking services for the previously unbanked”.

ANZ Rural Banking, via a mobile bank branch, commenced in late 2005 and has to date opened over 7,000 savings accounts. As a natural progression from savings, ANZ is now making the ANZ Micro Loans product available to regular savers.