The U.S. Agency for International Development (USAID) through its Lukautim Graun Program (LGP), supported 30 people, including 24 women from Nubia village in Bogia district, Madang Province to access financial literacy training.
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.
There are interests from other village communities who have shown interest to participate in production and selling of coconut oil to Kumul Organic.
The participants who received this training are members of the Hanza Bay Virgin Coconut Oil Cooperative (VCO) and now have a better understanding of the basics of saving and budgeting, which are the foundational skills for creating new enterprises and increasing household and personal financial security.
They are now able to save money from the sale of VCO production to sustain their livelihoods.
Marginalized communities in Papua New Guinea, especially women from rural and remote communities, find it difficult to access services like banking and often miss out on its associated benefits.
FLT certificates provide an added measure of guarantee that enables participants to access lending services with MiBank, a nation-wide micro bank.
Participant and chairlady of the cooperative, Melissa Gareman, thanked USAID for coming down to the level of the community and delivering this great initiative to the people.
She said, "the training has opened our minds to see the importance of savings and budgeting money.’’
The training is part of USAID’s commitment through the PNG Lukautim Graun Program (LGP) to deliver financial literacy training for citizens that focuses on the economic empowerment of people from marginalized populations, particularly women.