Financial literacy

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.

Thanks to the Ginigoada Bisnis Development Foundation, 82 females and 68 males will graduate in business studies and awareness skills at the village hall in two days' time.

The participants’ ages range from 14 to 67 years old.

The oldest of the lot, Nari Kamdring, told Loop PNG that after attending the two-week course, she is determined to start her own business.

“One highlight I learnt was to have a goal in any form of business you do. Only that will drive your business successfully.”

BPNG governor Bakani said the central bank aims to roll out financial inclusive programs around the country to reduce the large percentage of unbanked population.

“With the help of these programs, we will reduce the figure from 80 to below 50 percent in the near future because our financial inclusion programs are implemented in the country through banks and financial institutions,” Bakani said during the opening of a two-day financial exposition in Mt Hagen last Friday.