Centre for Excellence in Financial Inclusion (CEFI)

In realizing this, Centre for Excellence in Financial Inclusion (CEFI) and Market for Village Farmers (MVF) signed a Memorandum of Understanding (MoU) with seven Partner Financial Institutions (PFI) on Thursday, 18^th of November.

The MVF is a flagship project of the agriculture sector that will pave way to improve the fresh produce sector as a business viability.

CEFI Executive Director, Saliya Ranasinghe said the signing of agreement with PFI is a milestone for the agriculture sector where financial institutions are committing assistance.

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

The course will help staff and interested applicants to be successful in a dynamic environment, acquire new skills, and build competence in areas to meet the diverse needs of different customers. 

Both CEFI and MBPA came to agreement following respective meetings of the Milne Bay Steering Committee on Financial Inclusion on January 28 and 29 in Alotau.

The purpose of the meeting was to induct members of the Milne Bay Financial Inclusion Steering Committee.

The agreement between CEFI and Ambumangre Micro-Credit Scheme, Cliffy Contractors and People’s Action for Rural Development (PARD) will target 5,000 farming households in Simbu, Jiwaka and Western Highlands respectively, as part of Financial Inclusion Component under the Market for Village Farmers (MVF) project.  

The financial institutions that attended the introductory workshops included Bank South Pacific, Westpac, Mi Bank, Women’s Microbank, People’s Microbank, Kada Poroman Micro Finance, Nasfund Contributors Savings and Loans and East New Britain Savings and Loans.

Also at the workshop were representatives from the Productive Partnership in Agriculture Project (PPAP) and World Bank. 

The workshop was held purposely for financial institutions to partner with CEFI in agriculture lending and implementing the Market For Village Farmers Project.

The training conducted by CEFI provided key techniques of savings and budgeting, setting financial goals, developing family budget, accounting risks and spending wisely.

CEFI executive director Saliya J Ranasinghe encouraged the staff from the DoF to be role models and spread the message of savings and budgeting.

“Be role models and convey this message (what you have learnt from this training) as much as possible and I hope this training will help you all and change your life in the way you manage money,” said Ranasignghe.

The office will serve as the focal point for coordinating CEFI’s financial inclusion activities to support the Market for Village Farmers Project.

The CEFI office will support the project’s overall aim of improving the livelihoods of village farming households in target provinces by facilitating their transition from semi-subsistence agriculture in the fresh produce and galip nut to market-oriented production and farming as a business.

Centre for Excellence in Financial Inclusion (CEFI) Director, Saliya Ranasinghe, said this during the Working Groups Progress Review Workshop in the Implementation of the National Financial Inclusion Strategy 2016 – 2020 recently.

He said this now ensures the Government at all levels incorporate Financial Inclusion in their

“On the 28^th of August this year, the Government approved the Financial Inclusion Policy. Which makes Financial Inclusion part of the main agenda of Papua New Guinea.

The Centre for Excellence in Financial Inclusion (CEFI) Director, Saliya Ranasinghe, said this during the Working Groups Progress Review Workshop in the Implementation of the National Financial Inclusion Strategy 2016 – 2020.

CEFI Director, Saliya Ranasinghe, said the workshop was an important event to reflect on the achievement and failures thus far in the implementation of the 2^nd NFIS.

Some of the challenges he highlighted include:

The MOU is to facilitate partnerships that include the roll out of financial inclusion activities in mine affected communities.

The MOU aims to ensure financial inclusion programs enable communities in mine project areas to be empowered to effectively manage their money.

The MOU was signed by BPNG Assistant Governor (AG), Financial Systems Stability, Ellison Pidik, and MRA Acting Managing Director, Nathan Mosusu.

The signing on Monday is seen as a big step in financially empowering landowners and equity owners of mining projects and small scale miners.