Posted By Staff Reporter
Statements by chairman of the PNG Sustainable Development Program (PNGSDP) Limited, Sir Mekere Morauta that CMCA payments cannot be processed by PNG Microfinance Limited (PML) if no financial support is received from OTML, is inaccurate.
Earlier this year PML informed OTML it would no longer be facilitating this year’s CMCA cash payments to its 9,489 CMCA customers since it was not able to meet the cost of delivering cash payments to the communities.
In a public notice dated June 11, PML advised its customers; especially beneficiaries of the CMCA cash payments, that those who wished to maintain their accounts with PML may do so but will be charged a 6 percent fee.
Based on the information received from PML, OTML conducted extensive communication patrols in May and June to inform the CMCA communities that had family bank accounts with PML to open new family accounts with a commercial bank of their choice in order to receive their cash payments.
All PML CMCA customers in the North Fly Region opened new family accounts after receiving the information while for the Middle and South Fly regions, a total of 4,064 new family accounts were opened with Bank of South Pacific (BSP) following a joint awareness patrol organised by OTML in August.
The CMCA family cash payments totaling close to K20 million per annum are paid to over 18,000 family bank accounts in the fourth quarter of each year in accordance with the agreements signed with the communities.
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