Strategy to look at SME financial literacy

The Centre for Excellence and Financial Inclusion (CEFI) says it will work closely with the Small To Medium Corporation (SMEC) to ensure entrepreneurs are financially literate so that the SME sector can grow in PNG.

Following the launching of the Second National Financial Inclusion Strategy 2016 – 2020 yesterday, Bank of PNG Governor, Loi Bankani, said SMEC was an important stakeholder in the financial inclusion exercise and have been considered in the plan.

He said it was a Government priority to boost the SME sector in PNG and has been identified as a key element of their strategies.

The NFIS 2016- 2020 identifies SME Finance as a ‘Strategic Objective’ number six with an access to and usage of finance SME’s.

This is done through:

  • Enhancing knowledge and data on financial inclusion among SME’s
  • Review regulatory and supervisory frameworks to ensure they are fully enabling for SME Finance
  • Promote innovation and competition in SME Finance
  • Facilitate dialogue on existing public sector interventions and support schemes
  • Strengthen capacity of SME’s and Financial Institutions

“We will be making sure that those people in the SME sector are financially literate, they are financial educated so they can look after their money,” says Bakani.

Cedric Patjole