New Ireland For Financial Inclusion

New Ireland Province recently became the third province to sign a Memorandum of Understanding (MOU) with the Centre for Excellence in Financial Inclusion (CEFI).

Bank of PNG Governor and Chairman of CEFI, Mr Loi Bakani and Governor for New Ireland Sir Julius Chan signed the MOU that will promote the integration of financial inclusion in the province’s administration planning and implementation processes.

CEFI will work closely with staff of the provincial administration to train and build their capacity and knowledge to roll out financial literacy and business development services training to the wider population, targeting women and youth.

Mr Bakani said it is important to improve the financial capability of communities in New Ireland as the province hosts two of the country’s largest Mines and Oil Palm Plantations, including timber and tourism that contributes over K100 million to the national purse.

He said improving financial accesses for the province will help people understand skills and attitudes, and especially behaviors in order to make sound financial decisions suited to improve their standard of living.

Sir Julius says the signing of this MOU demonstrates a new phase in development for the province in improving savings culture.

Press Release