Microfinance Expansion Project
The Microfinance Expansion Project (MEP) is a comprehensive development approach designed to strengthen the growth of the Microfinance sector in Papua New Guinea. The MEP was launched in April 2012 and has taken over from the previous project PNG Microfinance and Employment Project which operated from 2002 through to 2010.
Approximately 85% of PNG’s population does not have adequate access to financial services. Availability of natural resources, untapped opportunities and economic changes that the country is undergoing is offers enormous opportunities as well as potential for the expansion of the microfinance sector. However the opportunity comes with challenges of low literacy levels, absence of good infrastructure and limited scope for promotion of micro to medium enterprises.
MEP is designed to address these challenges and takes the onus of strengthening the sector and expanding its outreach to remote parts of Papua New Guinea. A key contribution of the Microfinance Expansion Project is the establishment of the Centre for Excellence in Financial Inclusion (CEFI). CEFI endeavors to achieve financial exclusion.