The booklet is a one-stop reference guide with detailed information on loan products available at licensed banking institutions, including client requirements and contact details of the institutions. The guide will assist individuals and business to access appropriate loans to start, develop and expand their businesses.
Bank of Papua New Guinea Governor and CEFI Chairman, Loi M Bakani, officially handed over the guide to the Micro-Small-Medium-Enterprises (MSME) Council President Des Yanien and Centre for International Private Enterprise (CIPE) Country Director Eli Webb, witnessed by representatives from SME and agriculture sectors and financial institutions.
Governor Loi M Bakani remarked that the SME lending product booklet will help bridge accessibility to banking services and products by small businesses, particularly those placed in rural and off grid locations.
“CEFI have started rolling out financial literacy in the country that has now reached more than 250,000 people to provide knowledge on Money management skills in Savings and Budgeting and banking services. Lack of access to banking information still remain a challenge.
“This booklet will greatly assist to close off the gap and improve the PNG businesses," said Bakani.
The National SME Product Loan Guide is part of the objective of the National Financial Inclusion Strategy 2016-2020 to improve access to finance for small to medium business in the country.