Effective Date: June 2026

Please read these Terms of Service carefully before opening an account or using any banking services provided by Women’s Micro Bank Limited (Mama Bank). By opening an account, signing a deposit agreement, or providing your biometric data at an authorized Access Point, you agree to be legally bound by these terms.

Definition of Terms

• “The Bank”, “Mama Bank”, “We”, “Us”: Women’s Micro Bank Limited.
• “Customer”, “Account Holder”, “You”: The individual person or enterprise holding an account with Mama Bank.
• “MAPs”: Mama Bank Access Points, including regional branches and mobile customer service terminals.
• “CBS”: The centralized web-based banking software and network utilized by Mama Bank.
  
  

Account Eligibility and Identity Verification

• Target Focus: While our services are designed to empower women, micro-entrepreneurs, informal market vendors, and grassroots families, accounts are open to any eligible applicant under PNG law.
• KYC Compliance: You must provide official proof of identity (e.g., NID card, valid passport, or a formal confirmation letter from an approved community leader) to satisfy Know Your Customer (KYC) regulations.
• Accuracy of Information: You agree to provide true and accurate details during registration. You must notify Mama Bank immediately of any legal name, address, or marital status changes.

Biometric Authorization and Security

• Biometric Signature: Mama Bank utilizes fingerprint scanning infrastructure. You agree that your unique biometric fingerprint serves as your formal, legally binding signature.
• Mandatory Presence: No withdrawal, funds transfer, or structural account modification can be completed without your physical presence and active biometric verification.
• No Shared Access: Because your biometric print secures your account, you cannot authorize an independent third party or unregistered agent to transact on your behalf at a MAP terminal.

Savings and Deposit Products

• Fortnightly Deductions: If you enroll in a designated savings package linked to your employment, you authorize a fixed automatic deduction (minimum K20) from your payroll provider.
• Maturity and Rollovers: Upon completion of a fixed savings cycle, you may choose to withdraw the funds or transition them into an interest-bearing term deposit. Mama Bank does not impose administrative fees for rolling over matured savings.
• Interest Rates: Interest rates on savings and deposit products are subject to change based on market conditions and corporate policies. Current rates are available upon request at any branch.

Account Dormancy and Unclaimed Monies

• The 7-Year Rule: In strict accordance with the Banks and Financial Institutions Act 2000 of Papua New Guinea, any account left entirely inactive for seven (7) consecutive years will be systematically closed.
• Forfeiture of Funds: All remaining balances in a closed, 7-year dormant account will be legally forfeited and transferred directly to the Receiver of Public Monies under the PNG Department of Finance.
• Reactivation Responsibility: It is your responsibility to monitor your account status and review public notices to reactivate a dormant account before statutory deadlines.

Credit and Micro-Loan Facilities

• Product Agreements: All micro-loans, salary loans, and government-backed MSME startup capital schemes are subject to standalone loan contracts detailing explicit interest rates, processing fees, and repayment schedules.
• Default Consequences: Failure to meet agreed loan repayments may result in late fees, reporting to credit registries, or the liquidation of linked savings held as collateral, where authorized by the product agreement.

Limitation of Liability

• System Outages: While we endeavor to keep our centralized CBS system active, Mama Bank is not liable for transaction delays resulting from national telecommunications failures, power grid disruptions, or regulatory network audits.
• Unapproved Agents: Mama Bank explicitly prohibits independent third-party agents from managing transactions. The Bank accepts no liability for financial losses incurred if you provide money or personal details to unauthorized individuals claiming to represent the bank.

Amendments to These Terms

Mama Bank reserves the right to modify, alter, or update these Terms of Service at any time to reflect updates in financial laws or operational changes.

• Notice of significant changes will be posted within our physical branches, across our official social media channels, or on our web platform.
• Continued use of your account after changes take effect constitutes your acceptance of the new terms.

Governing Law

These Terms of Service are governed by and construed in accordance with the statutory laws of Papua New Guinea, under the regulatory oversight of the Bank of Papua New Guinea (BPNG).

Customer Support and Grievances

For complaints, inquiries, or dispute resolutions regarding transaction errors, please contact our compliance desk:

• Head Office: 1st Floor, BSP Bank Building, Waigani Drive, Port Moresby, NCD.
• Phone Support: +675 7091 0900 / +675 325 7063
• Email: enquiries@womenmicrobank.com