CEFI

He was honoured to launch the 3rd National Financial Inclusion Strategy 2023-2027 at this great event, stating the importance of Financial Inclusion in the country.

“We (the government) believe that financial inclusion is key to integrating the unbanked into the formal economy, which helps to alleviate poverty, make the poor less vulnerable to financial shocks, reduces economic inequality and raises living standards for all,” said the Chief Secretary.

CIC Acting Chief Executive Officer, Charles Dambui and CEFI Executive Director, Saliya Ranasinghe signed the MoU in Port Moresby, which will now enable the two organizations to work in partnership to roll out financial literacy and inclusion to targeted coffee farming communities.

This will allow savings culture to be introduced to coffee farmer’s households by teaching them how to make informed financial management decisions and allowing them to have access to a wide range of financial services that address their farming business or personal household needs.

This agreement will see the PFI’s partner with MVF in implementing the project in six targeted provinces, Western Highlands, Jiwaka, Simbu, Eastern Highlands, Morobe and East New Britain.

CEFI will facilitate the work of the seven PFIs through the establishment of the MoUs and provide technical assistance to the PFIs, with the support from an expert consultant to design and develop innovative financial products and services that meet the commercial and business financial needs of MVF target rural communities.

CEFI Executive Director, Saliya Ranasinghe, stressed that they were able to help Papua New Guineans at the recent business, trade and investment conference between the European Union (EU) and PNG.

He contributed to the discussion on how the EU/PNG Economic partnership agreement can empower the country’s non-resource sector.

The memorandum of understanding signed today between CEFI and PNG NRI aims to consolidate and strengthen cooperation between the institutions.

Present to officiate the agreement was Executive Director for CEFI, Saliya Ranasinghe and Acting Director for PNG NRI, Dr. Osborne Sanida.

The newly formed partnership now enables new research grounds into the country’s economic and social development. The research will place special emphasis on the role of education in development.

Twenty three participants from microfinance institutions and Savings and Loans Society will be the first to undergo the 3-6 months course exclusively online with five days’ workshop at IBBM campus using zoom.

The course will help staff and interested applicants to be successful in a dynamic environment, acquiring skills and build competence to meet different customer need.

IBBM Dean Dr. Sweta Sud while presenting the course he indicated that the materials cover all important microfinance subjects, adding students can use mobile phones for computer studies.

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:

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.

It will be implemented in three districts.

The MoU will see a Training of Trainers program in financial literacy, carried out for 100 members of the informal sector from the Imbonggu District in the Southern Highlands, the Gazelle District in East New Britain and Bialla in West New Britain.

The MoU has a life of one year, with training set to begin this September in Imbonggu. CEFI will carry out the training, with the support of Community Development staff on the ground.

Assistant Governor, Financial System Stability Group, BPNG – Ellison Pidik, who delivered a speech on behalf of the Governor of BPNG and Chairman of CEFI, Loi Bakani, said this during the presentation of certificates to participants of a MSME Financial Literacy and Business Essential Skills Training in Kavieng, New Ireland Province.