Financial business

More rural people receive financial and business training

From 2015 to 2018, nearly 3,000 people in the Western Highlands, Enga, Jiwaka and Chimbu provinces reportedly received financial skills training.

This with the support of the Asian Development Bank, the Australian government and the Bank of PNG.

The training is part of the Microfinance Expansion Project (MEP) under the aegis of the Center of Excellence in Financial Inclusion (CEFI) which provides training in financial skills and business development to residents of the areas rural areas of Papua New Guinea.

MEP partners include the Komka One association, village women’s financial services, reform ministries and the church network, and finally Ambumagre’s microcredit program who have all been hired to carry out the training. financial literacy.

The training partners are local businesses with more than 40 financial skills trainers.

The companies were given a target of 15,000 people to be reached in each of the four provinces, but due to the high demand for training, 16,000 people were trained.

Financial literacy trainer Francis Kepon said the training is delivered at the community level.

It is with nearly 40 participants in each village where they conducted the training.

“The response and eagerness of the villagers to attend the financial literacy training has been overwhelming,” said Mr. Kepon.

“We encountered difficulties in making people understand the training.

“But the most satisfying part is when you see that they are curiously interested and realize the importance of this training and how it will help them has been an inspiration and motivation for our trainers. . “

Training specialist Sebastian Mugup said financial literacy is very important for Papua New Guinea, especially those in rural areas.

“Our employees need this training to help them understand the importance of saving and budgeting, as well as why we have created financial institutions to help them provide the financial services they need.” Mr Mugup said.

So far, more than 200,000 men and women in Papua New Guinea have received financial skills training through the MEP.

PNG, through the Bank of PNG, pledged in 2013 to reach one million low-income unbanked people in PNG, 50% of whom are women, then in 2018 at the Alliance’s Political Forum for financial inclusion in Russia, another commitment has been made. reach two million additional low-income unbanked people in PNG, 50% of whom will be women; and promote increased use of bank accounts and other financial services and products by the existing and newly included population.

This commitment has seen the Bank of PNG and CEFI, through the MEP, partner with approved financial institutions, financial education institutions, stakeholders and donor agencies such as AfDB and DFAT to provide training in financial skills and business development to reach the unbanked population.