The PNG Microfinance Scam targets Morobe' Women

LAE (MOROBE) - The Papua New Guinea Women in Business Microfinance and its predecessor City Women's Business Foundation owe the women of Busamang village in Morobe province more than K10, 000.

These monies were deposited by 120 women from that village into the City Women's Business Foundation as equities to obtain loans from the supposed financial institution.

Financial ledgers and passbooks obtained by the Post-Courier showed that the women from four groups out of the six in Busamang, deposited a total of K9814 into the City Women's Business Foundation bank account.

The amount would surpass K10,000 kina if records from two other groups were obtained.

The women deposited money into this account #100 1404433 with Bank South Pacific' Port Moresby Branch but it was closed and a new account- 12507256 was opened with ANZ Bank' Lae Branch.

All of the monies were deposited into both accounts and there are records to prove it.

The foundation created credit ledgers that stated that it was a 'Finance Institution' and even supplied 'passbooks' to women when it never had a license to operate as a finance institute or a bank.

A Bank of Papua New Guinea employee told Post-Courier that it was illegal for any one individual or entity to collect money as deposits when they do not have a bank license.

The women in Busamang were asked to form six groups of 20 and which are Blue Sea, Solwara Meris, Mosibu, Asitec, Lasitewec and one other whose name is unknown.[PostCourier]
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