Financial literacy training

The training kicked off for wards 8 and 9 totaling 69 participants, and was officially opened by acting Deputy District Administrator for Operations, Petrus Maninga on Wednesday 31^st January, 2024 in Rabaul town.

Mr Maninga emphasized the importance of financial literacy in building a more economically resilient community. He highlighted the significant impact that improved financial skills can have on individuals, families, and the community as a whole.

On April 19, 2023, local trainer, Tina Manamb, certified through USAID’s partnership with the Center for Excellence in Financial Inclusion (CEFI), conducted the training  on the basics of financial literacy.

Manamb is also a director of Kumul Organics, a locally owned business enterprise, who buys and sells Virgin Coconut Oil (VCO) and is supported by the Kokonas Indastri Koperesan (KIK).

The participants are members of the Hanza Bay Virgin Coconut Oil Cooperative (VCO).

The Cooperative comprises of mostly women from the six village in Bogia.

From February to April 2023, Erusta Bill, a certified local trainer under the USAID’s partnership with the Center for Excellence in Financial Inclusion (CEFI), conducted training mostly for women in the basics of financial literacy. 

Participants now have a better understanding on savings and budgeting; foundational skills for creating new enterprises and increasing household and personal financial security, particularly for women. 

Mama Bank conducted a free Financial Literacy Training at its Port Moresby Branch yesterday with 30 participants both from the formal and informal sector successfully graduating with a Financial Literacy Certificate.  

Pushpa Srinivas from Digication, was the special guest and the person who facilitated the in-house training for 10 Mama Bank Staff from various departments and functions. 

CEO for Mama Bank, Gunanidhi Das gave his Special remarks and words of encouragement and empowerment to the women who participated.

The 63 block owners in East New Britain, residing off state lease land, underwent the training in three batches, and were given their certificates last Friday, January 20^th.

Ward Member for Ivon-Gore and Vice Sinivit LLG President, James Vevut, said financial literacy is all about changing the mindset of people to improve their living standards.

“Thank you KPML for accepting our invitation to come and run this training. I want to thank the Ward Development Committee for recognising the need and supporting this program,” he stated.

The training was facilitated by the EU Funded UN Joint STREIT Programme in a bid to strengthen community-embedded capacities in digital skills, digital agriculture, and financial inclusion in the Sepik region of Papua New Guinea. The training was aimed at building trainees' capacities as future Trainers of Trainers (ToTs) or Coaches.

The financial literacy program is delivered by fully certified NSL officers and covers five modules that cover the following topics:

Module 1 – Taking Charge of Personal Finances

Module 2 – NSL Superannuation Products and Services

Module 3 – Planning for Retirement

Module 4 – Buying Your Own Home

Module 5 – Financial Literacy Skills for MSMEs

The officers from Kokopo, Gazelle and Rabaul districts graduated on Tuesday, December 6^th after undergoing a three weeks-long training in Kokopo.

The 65 participants covered two modules; savings and budgeting.

CEFI principal trainer, Jill Pijui facilitated the training while representatives from CEFI Special Project Manager, Jeremiah Wenogo were present to witness the graduation and present the certificates.

USAID supports 477 people to graduate from financial literacy training in Lae, Morobe Province, with a majority 415 (87 percent) of the total number of graduates all women.

This is part of USAID’s commitment through the PNG Lukautim Graun Program (LGP) and its partnership with Center for Excellence in Financial Inclusion (CEFI), to deliver financial literacy training for Papua New Guineans, with a focus on economic empowerment of women and people from rural communities.

Nineteen participants graduated with financial ‘training of trainers’, recently and this training was made epossible through LGP in partnership with the Center for Excellence in Financial Inclusion.

Through the training program, representatives from provincial administrations, community-based organizations, faith-based organizations, and women’s groups learn how to conduct financial literacy training sessions for people in their home communities.