Financial literacy

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.

Through a competitive process, the United Nations Capital Development Fund (UNCDF) selected four players.

They are PNGX Markets, Tok Stret Consulting, Westpac and Agbook.

They will be signing a Performance-Based Grant Agreement with UNCDF to deploy gender-responsive trainings and capacity building inputs that meet the needs of the informal women traders, women micro-entrepreneurs, and formally established women led businesses and Small, Medium Enterprises (SMEs).

They also presented CEFI with ‘Accreditation of Courses’ certificate to help conduct the courses at an official presentation on March 7.

BPNG’s Acting Assistant Governor for Financial System Stability Group (FSSG), George Awap, when accepting the certificates on behalf of Acting Governor Bank of PNG Guinea and Chairman of CEFI Board, Benny Popoitai, thanked NTC for being a standard setting institution.

Under this training, 38 participants graduated with their Financial Literacy Certificates a boost to run their businesses.

The training was organized by Pacifund, which is a financial brokerage and advisory firm and facilitated by CEO Des Yaninen.

The participants with his training will assist them to establish small businesses in diverse industries from honey production to fashion and construction.

Training facilitator, Lamang Business Consultants (LBC), say they now have to book additional spaces to cater for the increase in numbers. The training is set for this weekend

LBC attributed the surge to the trending need in entrepreneurship and financial literacy, which are prerequisites to SME loans.

The program is part of a nationwide entrepreneurial campaign that focuses on empowering Papua New Guineans to embrace entrepreneurship as the way forward for wealth creation and financial success.

The program held was in the Mailivuan ward and was facilitated by Lamang Business Consultants.

The program was aimed at enabling the rural populace to achieve personal financial success through active participation in wealth creating opportunities and prudent money management practices.

The participants also received lessons on creating multiple streams of income as means for financial security, and the importance of forming a co-operative society as the basis for rural economic empowerment.

Under the brand ‘Women's Federation for World Peace’, the Morobe chapter gathered on Monday morning to open the highly anticipated event.

Dressed in their provincial colours of green, yellow and blue, the women welcomed the PNG State chapter president, Betty Kaim, the Jiwaka chapter and guest speaker, chief inspector Pauline Siaguru.

Speaking at the Our Saviour’s Chapel in Lae, Kaim said from just a small group, she now boasts a membership of over 280, where 271 of them are from Morobe while 16 are from Jiwaka.

Implemented by the Bank of PNG, 3,005 locals from across the four LLGs and wards of the district underwent a savings and budgeting module which will enable them to make wiser choices with their finances.

A graduation ceremony was held in Vanimo Town and was attended by Bank of PNG representatives, the Centre for Excellence in Financial Inclusion (CEFI), stakeholders from the finance and banking sector and the provincial government.

Project director of the MEP, George Awap, congratulated the Vanimo locals on their achievement.