ENB In Financial Inclusion Deal

East New Britain Province has become the fourth province in Papua New Guinea to sign a Memorandum of Understanding (MoU) with the Centre for Excellence in Financial Inclusion (CEFI).

Assistant Governor, Financial System Stability Group, Bank of PNG Ellison Pidik, on behalf of the Governor of Bank of PNG, Chairman of CEFI, Loi Bakani and Governor East New Britain Province, Nakikus Konga, were signatories to the MoU.

The agreement will promote the integration of financial inclusion in the East New Britain administration planning and implementation processes and build the capacity of staff to implement important financial inclusion activities.

The activities will include:

  • Integrating the PNG financial inclusion strategy in provincial government planning and budgeting process to expand banking and financial services network;
  • Increase formal banking accounts for people;
  • Financial literacy and business development training and
  • Digitizing provincial government payments.

CEFI as the custodian of the PNG Financial Inclusion Strategy and implementer of the Government’s Financial Inclusion Policy will be working closely with the East New Britain administration staff to train and build their capacity and knowledge.

It will also roll out financial literacy and business development services training to reach a wider population in the province targeting mainly women and youths.

Bank of PNG’s Mr Pidik noted the importance of a savings culture and encouraged people from East New Britain to save as this will empower them financially to go into other opportunities like investments.

He pointed out that 65 per cent of the ENB population that are unbanked must have bank accounts and enjoy the opportunities of efficient banking services provided by banks.

“With this MoU we can look at these opportunities to transform value so this goes back to the people and we are excited on behalf of the governor of BPNG to implement the MoU,” said Pidik.

ENB Governor, Nakikus Konga said the signing marked an important milestone for the province because this will pave the way for financial inclusion activities in the province.

He said that the provincial government will support the MoU and empower its people to go into cash crop activities and make use of the opportunities that are available.

Governor Konga encouraged the ENB provincial administration and local level government officers, who attended awareness sessions by BPNG and CEFI to impart what they have learnt and share the important information about about financial inclusion and what it can do to improve the standard of living.

CEFI Executive Director, Saliya Ranasinge said provincial governments play an important role because they are closer to their people and can drive the financial inclusion message strongly.

The MoU is an outcome of the provincial rollout project under the National Financial Inclusion Strategy to reach government, provincial, local level and wards to promote and ensure quality financial services are delivered.

Author: 
Press Release