Financial literacy

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.

Over 400 Students at Mt Diamond Secondary School took part in Bank South Pacific’s (BSP) Banking Education and Financial Literacy Training that was conducted in August.

The training included Budgeting and Money management, but also included information on BSP Products and services and how it can assist customers in managing their money. BSP’s Waigani Banking Centre further assisted students to open Sumatin accounts.

The financial literacy training was conducted by the Central Bank of Papua New Guinea’s Microfinance Expansion Project and supported by the Australian Government through the Manus Support Community Development program (MSCD).

The Central Bank estimates 70 to 75 per cent of Papua New Guineans are excluded from accessing the formal financial sector, which leads to people being unable to save money and spend within their budget.

The financial literacy training was rolled out to six of the 12 Local Level Governments in Manus Province.

Captain of the PNG Hunters Ase Boas says that this is a sad reality that many face.

Boas and his team mates took part in a recent financial literacy training given by Digicel PNG.

The training focused on being money smart and ways to enable simple saving measures.

Facilitated by the Digicel Learning center, the one day training which was broken up into two separate sessions for the team helped the team to be more money minded in their approach to saving and spending.

The women, who are part of the Widows Association based in Waigani, are mainly market vendors and earn their income through the sale of vegetables and cooked food at the main markets. 

They were taken through basics in budgeting, savings & mobile money and banking education by Bank South Pacific.

Association President, Maria Unde, said the information was very helpful and will make a difference for them who don’t have a regular and fixed income.

Following the launching of the Second National Financial Inclusion Strategy 2016 – 2020 yesterday, Bank of PNG Governor, Loi Bankani, said SMEC was an important stakeholder in the financial inclusion exercise and have been considered in the plan.

He said it was a Government priority to boost the SME sector in PNG and has been identified as a key element of their strategies.

The NFIS 2016- 2020 identifies SME Finance as a ‘Strategic Objective’ number six with an access to and usage of finance SME’s.

This is done through:

A memorandum of understanding  (MoU) was signed last Friday Nov 25, by the Assistant Governor of the Bank of PNG, Ellison Pidik and David Shields, the Livelihoods Manager from Oxfam to carry out the project.

Speaking at the occasion, Shields said the Financial Literacy trainings cover budgeting and saving for families’ lik-lik businesses, including gardening sales.

“With these skills, families will be able to plan better for their financial futures, and achieve their financial goals”.

They are participants of the Givim Han Long Laip Projek, rolled out this year, throughout Port Moresby, from Hanuabada all the way to Gerehu.

According to Felisa Inoino Avou, a trainer and pioneer WIB, the two-today course covered basic awareness of family budgeting, how to sell and to bank to save for the long term.

Avou said majority of the women participants were illiterate which made this particular course roll-out unique from other similar projects.