The financial literacy training was conducted by the Central Bank of Papua New Guinea’s Microfinance Expansion Project and supported by the Australian Government through the Manus Support Community Development program (MSCD).
The Central Bank estimates 70 to 75 per cent of Papua New Guineans are excluded from accessing the formal financial sector, which leads to people being unable to save money and spend within their budget.
The financial literacy training was rolled out to six of the 12 Local Level Governments in Manus Province.
This training is through a partnership with the Manus Provincial Administration, the Central Bank of Papua New Guinea, the Australian Government and the Asian Development Bank.
The training program is designed to promote a culture of saving in Manus and encouraged participants in the informal sector to establish small businesses.
Participants stated that after attending the training they are able to manage their funds – even for small time entrepreneurs; they acknowledged the initiative noting that it was a platform to a greater financial achievement.