Financial literacy

It is pleased to have its Community Partner – Brisbane Broncos in Port Moresby this week to launch the banks’ 2024 Financial Literacy Program in schools.

BSP Retail General Manager, Daniel Faunt welcomed Brisbane Broncos Chief Executive Officer Dave Donaghy, Skipper Adam Reynolds, and other club representatives to Port Moresby on Monday 3^rd June, 2024. 

Leo Kaptigau who runs a local consultancy firm called ‘Strategy 4 Growth’ and Margaret Vakuru, owner of Oort Finance are two different people with different backgrounds but have the same goal to educate and train Papua New Guinean’s to be financial inclusive and literate.

The pair were among 17 participants including 11 women, who undertook second EOI ToT training from May 06-10 at the CEFI Head Office.

The 17 participants also successfully completed the training and received certificates certifying them to be Trainers in Financial Literacy.

The oil palm boom in the province caused an overflow of cash into the province hence Jessica to help her people one day to learn about savings.

“When I was in high school my parents had an oil palm block and during the harvesting period there was so much money floating around, people did not know what to do with it, the only thing they knew was spending it recklessly,” revealed Jessica.

BSP Financial Group emphasized its commitment to opening bank accounts.

“It is the start of your journey, and the bank will be your partner as you grow through life,” Komon said. He highlighted the significance of financial readiness for future responsibilities, including education and family obligations.

BSP’s Head of Retail Payment, Peter Komon engaged with students during a community project handover last Friday, advising them on the importance of financial planning from a young age.

The organization is rooted in Christian values and is inspired by the Parable of the Great Banquet.

Alleviate Inc. empowers individuals spiritually and economically through Bible studies, financial literacy programs, and workshops such as the "Art of Preaching."

They also distribute essential supplies and meals, serving 25,000 people annually across multiple locations in Port Moresby.

Alleviate Inc. plans to expand its initiatives in the future, including adult literacy programs, healthcare services, and the establishment of an orphanage and school.

The revised training module is the first of its kind in PNG, designed exclusively by Westpac to help Papua New Guineans feel more 'money confident' and equip individuals and businesses with the knowledge and tools needed for financial success.

As part of Westpac’s commitment to making financial literacy accessible to everyone, the new training builds on the success of Westpac’s financial education program, which was launched this month in Lae and Port Moresby.

The collaborative effort resulted in a highly beneficial one-day Financial Literacy Training held on July 10, in Port Moresby. The training, conducted by certified Financial Literacy trainer Daniel Walo from Project Alleviate, aimed to equip the association's members with essential tools for managing and growing their finances effectively.

The training supported by the organization is aimed at equipping these employees with financial skills in preparation for the company's upcoming retrenchment program.

Many of these employees were employed in the civil aviation industry prior to the civil aviation reforms and had transitioned to the NAC.

NAC Acting Managing Director and CEO Joseph Kintau said, “These dedicated individuals have spent a significant portion of their professional lives in the aviation industry, and we extend our sincere gratitude for their unwavering service and dedication.

Over the last four months, the USAID, through its PNG Lukautim Graun Program, have trained 1,168 people, mostly women, in the two provinces.

The aim is to increase financial literacy in rural and remote communities throughout Papua New Guinea.

These participants now have a better understanding in the basics of savings and budgeting, the foundational skills for creating enterprises and increasing household and personal financial security.

Mamak, a participant in the recent UNDP supported Entrepreneurship and Innovation Course described it as a solution to the rising number of unemployed youth and social problems on Bougainville and Papua New Guinea.

The training is aimed at fostering employment and entrepreneurial skills, as well as having access to business development and services from the ‘Bougainville Innovation Hubs’.

Mamak said the training teaches one to value themselves, understanding their own strengths, weakness and potential to grow.