History of KPML
Kada Poroman Microfinance Limited (formerly known as Kokopo Microfinance Ltd) has its Head Office located in Kokopo, East New Britain Province. It was incorporated on the 28 February 2006.
MVDF was registered as a non-profit organization under the Associations Incorporations Act of PNG. The business was set up as an initiative of the former Member for Kokopo Open, Right Hon. Sir Rabbie Namaliu, through a working committee within the Kokopo District. It is an initiative to support developmental work in the District and to facilitate active participation by the people of the four (4) Local level Governments including Kokopo/Vunamami, Bitapaka, Raluana and Duke of Yorks.
The initial objectives of the company in 2004/2005 are;
- To provide financial services to the majority of economically active people of Kokopo District in East New Britain Province,
- To facilitate the creation of spin off business from major projects within the Kokopo District
- To promote more participation by nationals in the economic development of the district, particularly those involved in the informal sector,
- To provide an alternative and user friendly banking services for the grass-root people whom the existing commercial banks and other financial service providers do not have the time to deal with as they usually considered as non-bankable.
Kada Poroman Microfinance Limited is owned by the Four (4) LLGs in Kokopo District:
Duke of Yorks
These LLGs hold 82% of shareholding. The remaining 18% is held by the public mostly customers of KPML.
Kada Poroman Microfinance is a Simple & Friendly Institution which empowers the well-being of Grassroots.
A Financial Institution which provides the financial products & services to enable non-bankable grassroots become bankable and enjoy purposeful livelihoods.