CEFI – Creating Financial Freedom

New Q3 2022 data now available here

CEFI in collaboration with the Bank of PNG is coordinating with stakeholders the implementation of the NFIS 2016-2020 with a target of 2 million additional accounts of that 50% to be owned by women.

Financial Education and Literacy is promoted through financial education, literacy and business development skills training. In total more than 150,000 people in the country have successfully completed the Financial Education ‘Train the Trainer’ (TOT) programme. More than 11,000 people have undergone the business development skills training of which 7,001 are women.

BPNG & CEFI have rolled out a children saving campaign to enhance saving among children. The national campaign focuses on reaching 1.5 million school going children, where 200,,000 accounts opened so far.

Since July 2014, financial inclusion expos were held with more than 100,000 people attending the expos across the country participating in awareness and trainings delivered in these expos.

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A Risk Share Facility was introduced to give confidence to partner financial institutions under a Risk Sharing Agreement (RSA) to lend to SMME sector covering 50% of the defaulted outstanding amount. As of July 2018, a cumulative value of PGK22,322,959 has been covered by RSF, of that value, more than 6 million kina are loans for women.

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Consistent with PNG Government's Vision 2050, CEFI's vision, mission and values focus on financial inclusion and literacy, poverty elimination and the promotion of vibrant financial institutional operation

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Research shows that financial literacy and competence of the population is low. Low levels of financial literacy and competence constitute key barrier to financial inclusion.

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The Centre for Excellence in Financial Inclusion

CEFI’s key role is to coordinate, advocate and monitor financial inclusion activities including coordinating stakeholder dialogue towards responsible financial service delivery and service quality, encourage innovation and strengthen financial sector industry development.

Media

Latest Port Moresby ban doomed to failure

by Busa Jeremiah Wenogo The National Capital District Commission (NCDC) has introduced a ban targeting the sale of cooked foods in Port Moresby. This is not the first

November 4, 2022 No Comments

NCSL and CEFI sign MoU for Financial Literacy Training

Financial information is vital to making informed decisions and NASFUND Contributors Savings and Loan Society (ncsl), as a financial institution, endeavors to provide necessary training

August 4, 2022 No Comments

Judah Waffi (Head of Special Projects – Nasfund) & Saliya Ranasinghe (CEFI Executive Director)

NASFUND SIGNS MOU WITH CEFI

The National Superannuation Fund (Nasfund) Limited signed a Memorandum of Understanding (MoU) with the Centre for Excellence in Financial Inclusion (CEFI) on March 31, 2022.

April 5, 2022 1 Comment

NTC Director Kinsella Geoffrey (2nd left) presenting the certificates to Acting Assistant Governor, Financial System Stability Group (FSSG), Bank of Papua New Guinea, George Awap witnessed by NTC Assistant Director Kevin Kalis (far left) and CEFI Executive Director Saliya Ranasinghe.

National Training Council recognizes Centre of Excellence in Financial Inclusion

The Centre for Excellence in Financial Inclusion (CEFI) has been certified by the National Training Council (NTC) to conduct Courses in Financial Literacy. At an

March 15, 2022 No Comments

Executive Director’s Reflections

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The Centre for Excellence in Financial Inclusion l

The Centre for Excellence in Financial Inclusion (

The Centre for Excellence in Financial Inclusion (CEFI) recently certified 19 employees from the National Superannuation Fund’s (Nasfund) Member and Employer Services Division following completion of a five-day Financial Literacy Training of Trainers Training on August 12.

Nasfund signed a Memorandum of Understanding (MoU) with CEFI in March this year which will enable both organizations to work together in partnership for 12 months in providing financial literacy training to Nasfund’s more than 636,000 members.

CEFI’s Financial Inclusion Adviser Saliya Ranasinghe at a presentation ceremony encouraged the Nasfund employees to be agents of change and practice the training they received.

“As (certified) trainers you are an example because you are an agent of change to your own community. Make an impact by changing your lives first then change the lives of your family and communities,” Mr. Ranasinghe said.

Nasfund Head of Special Projects Judah Waffi told his staff to impart the knowledge from the training to their members and come up with initiatives and strategies on how they can deliver this training back at their respective branches.
Nasfund’s collaboration with CEFI is important as it empowers Nasfund employees to be champion advocates of the savings culture through financial literacy.

CEFI’s Training of Trainer (TOT) program aims at equipping and upskilling Nasfund staff on the planning, delivery and monitoring of financial literacy training for Nasfund members.
CEFI’s reach for financial inclusion through Nasfund’s branch network and continuous engagement with its membership will be extensive.

#financialinclusion #financialliteracy #budget #savings #training #Nasfund #CeFi #partnership

On Monday 01 August, ncsl and Centre for Excellenc

On Monday 01 August, ncsl and Centre for Excellence in Financial Inclusion (CEFI) signed a Memorandum of Understanding for Financial Literacy Training.

Under the MoU, CEFI will provide a ‘Train the Trainers’ program to ncsl staff to empower them to go out and conduct educational awareness on financial literacy to the Society’s growing membership.

Read more on the CEFI Website -https://lnkd.in/gxkt-SCr

#financialinclusion #financialliteracy

#CEFI The Centre for Excellence in Financial Inclu

#CEFI The Centre for Excellence in Financial Inclusion this week had a brief meeting with Mr. Richard Busby, Senior SME Banking Specialist from Business Link Pacific (BLP) / DT Global.

This was the first meeting between CEFI’s Executive Director Mr. Garima Tongia and Mr Busby from BLP.

Pictured is CEFI’s Executive Director Mr. Garima Tongia (left) and BLP’s Senior SME Banking Specialist Mr. Richard Busby.

CEFI and BLP have been working in partnership on a project called the Finance Finder - an online marketing platform for MSME lending in PNG.

The Finance Finder Tool was launched by CEFI and BLP last year in Port Moresby.

The #FinanceFinder is an online application that enables #SME lenders across the Pacific to showcase their range of #SMEloan products.

Already available in #Samoa & #Fiji, the #FinanceFinder in #PNG already has the backing and support of eight forward-thinking financial institutions.

The online tool allows SMEs looking for #finance to search the site and compare loan products all in one place.

The tool can be accessed at https://lnkd.in/gV8weg5 or www.thecefi.org

#PNG #financefinder #blpadvisors #BLPpartners #smesector #banking #financialhelp #financialliteracy #finance #pacifislands New Zealand Ministry of Foreign Affairs & Trade DT Global

The Centre for Excellence in Financial Inclusion p

The Centre for Excellence in Financial Inclusion partnered with Digicel (PNG) Financial Services Limited (Digicel CellMoni) to upskill Digicel Cellmoni Customer Service Agents in personal financial management.

A total of 34 Digicel CellMoni including 20 females attended the two day Financial Literacy Retail Training on June 29 and 30.

The aim of the Financial Literacy Retail Training is to equip and empower the participants and provide them the necessary Savings and Budgeting tools for them to practically apply in their personal lives as well as within their households.

CEFI Financial Inclusion Coordinator Albert Mokis challenged the participants to manage their finances well now that they have gained knowledge in Savings and Budgeting.

“This training is to specifically look at how we can manage our money and how we could improve to manage our finances at the workplace and at home.”

Head of Digicel Financial Services Limited, Emile Tuzayana thanked CEFI for the partnership adding the feedback from the participants was very positive.
The 34 participants were presented CEFI Financial Literacy Retail Training Certificates.

#CeFi #financialinclusion #financialliteracy #retailtraining #savings #savingschallenge #budget #budgeting #managefinances #DigicelCellMoni #bettertogether #DoItAllWithCellMoni

First Online Trainings by Women Finance Exchange (

First Online Trainings by Women Finance Exchange (WFX)

In 2021, ADB and We-Fi partnered with the Center for Excellence in Financial Inclusion (CEFI) to train women owned small businesses in Papua New Guinea.

Close to 200 women participated in the capacity building trainings aimed at improving skills in digital financial literacy, business planning, and e-commerce.

Click on the link or copy and paste on browser, https://lnkd.in/dNszSdGY and read the testimonials from three women who were among the participants of the training sessions held in 2021; CEFI Trainees MOALE VAGIKAPI - Certified florist, CECILIA PEPSON - Transient stay business owner and MARY HANDEN - Solar panel entrepreneur.

#onlinetraining #WFX #ADB #CeFi #womenownedbusiness #womenownedsmallbusiness #capacitybuilding #improveskills #DigitalFinancialLiteracy #businessplanning #ecommerce

Essa Godua, Acting Senior Curriculum Officer- Busi

Essa Godua, Acting Senior Curriculum Officer- Business Studies from the Curriculum Development Division (CDD) of the Department of Education believes financial education is an important aspect of the curriculum to help children to be financially literate when they leave schools.

Ms. Godua was part of a FESPNG (Financial Education for Schools in Papua New Guinea) Project Workplan and Budget Workshop in Port Moresby.

Watch Ms. Godua's interview as she gives a brief insight into the workshop.
The one day workshop on Wednesday June 01 was attended by CDD members and officers from the Centre of Excellence for Financial Inclusion (CEFI).

The main objectives of the workshop were to develop the FESPNG four (4) year Implementation Plan, Yearly Work Plans or Schedules and the four (4) Year Budget.

The outcome of the FESPNG Project is to develop Teachers Resource Book and Student Work Book, with the effective rollout to 48 piloted schools in the four regions of the country.

CEFI signed a MoU with the DoE last year (2021) to collaborate on a National Financial Education Curriculum for preparatory level up to grade 12 students in the country.

The financial education initiative is to integrate financial education as a Relevant Needs-Based Curriculum to be integrated into the existing Standard Based Curriculum (SBC), with the objective of educating school children about money management, income generation, saving and budgeting, investments and credit.

#financialeducation #financialliteracyforkids #moneymanagement #education #curriculum #incomegeneration #savings

Sixty-six participants from the Market for Village

Sixty-six participants from the Market for Village Farmers Project, partner financial institutions were trained on agriculture lending during an Agriculture Finance and Risk Management Training.

Participants were from MiBank, Bank South Pacific, Nambawan Savings and Loan Society, Nasfund Contributors Savings and Loan Society, Fresh Produce Development Authority, CEFI (Centre for Excellence in Financial Inclusion), AFC (Agriculture and Finance Consultants) and RSF (Risk Sharing Facility-Bank of PNG).

The trainings were split into five groups and held between April and May in Port Moresby, Goroka (Eastern Highlands province), Kundiawa (Chimbu province) and Mt Hagen (Western Highlands province).

Participants were trained on, agriculture knowledge and agriculture value chains, agriculture and agribusiness client’s needs, risk management in agribusiness lending, introduction of farmer’s loan application and introduction of farmer’s business plan.

Participants learned how to assess and deal with risks management, agriculture value chain lending and assessment of agriculture loans with individual farmers, familiarization with farmers loan applications and business plans as well as agriculture lending product features.

#financialinclusion #agriculturelending #AgricultureLoan #agricultureknowledge #agriculturefinance #riskmanagement

The Nambawan Savings and Loan Society (NSLS) is ta

The Nambawan Savings and Loan Society (NSLS) is tapping into the MSME (Micro Small and Medium Enterprises) space by participating in the Market for Village Farmers Project through a partnership with the #cefi Centre for Excellence in Financial Inclusion.

“This is the third savings and loan society to join the Market for Village Farmers Project, the other two are, East New Britain Savings and Loan and Nasfund Savings and Loan Society,” said CEFI Financial Inclusion Adviser Saliya Ranasinghe.

Mr Ranasinghe said this during the signing of a memorandum of understanding on the MVFP with NSLS in Port Moresby on May 09.

“We are expecting to reach 25,000 families, at least two-thirds of that should have a bank account by the end of the project and 25,000 loans should be given to agriculture communities in this project lifetime,” said Mr Ranasinghe.

“Agriculture and Finance Consultants (AFC) of Germany will act as technical partners in the project,” he added.

Assistant Governor Financial System Stability Group (FSSG), Bank of PNG, George Awap said the agreement between CEFI and NSLS is vital for the farmer in accessing funds.

“We recognize the difficulties faced by financial institutions in providing credit (agriculture loans) to famers, because traditionally this has not been done, so the Credit Guarantee Corporation will be used to provide some assurance,” said Mr Awap.

NSLS Chief Executive Officer John Solok said, “We are very grateful to join other financial institutions to participate in the MVF project through CEFI.”

“NSLS looks forward to contributing towards delivering affordable finance to horticulture farmers in Papua New Guinea,” said Mr Solok.

#financialinclusion #agriculture #AgricultureLoan #farmers #horticulture #savings

Mary Handen is a female entrepreneur and says savi

Mary Handen is a female entrepreneur and says savings is a challenge faced by many Papua New Guineans. She believes when a person is financially literate they can know how to save.

“Saving is an area where a lot of us find it very challenging to do….I interact with women entrepreneurs and I will be able to convey this message (about savings) through training and networking.”

Mary was one of the 12 participants including six females that successfully completed a weeklong Financial Inclusion Training of Trainers Training facilitated by the Centre for Excellence in Financial Inclusion in Port Moresby from May 02nd to 06th.

The objective of the training was to learn the concept of CEFI Savings and Budgeting content knowledge and be able to deliver direct retail training using adult and experiential learning principles within their respective organizations in a simple customized manner.

Watch Mary Handen’s interview.

CEFI Quarterly E-Newsletter Issue 16 Read the new

CEFI Quarterly E-Newsletter Issue 16

Read the newsletter on CEFI website:

https://www.thecefi.org/cefi-quarterly-e-newsletters-2022/

Monday 04th April 2022 MEDIA RELEASE: The Nation

Monday 04th April 2022

MEDIA RELEASE: The National Superannuation Fund (Nasfund) Limited signed a Memorandum of Understanding (MoU) with the Centre for Excellence in Financial Inclusion (CEFI) on March 31, 2022.

This MoU is a 12-month partnership between Nasfund and CEFI that enables both organizations to work together in providing financial literacy training to Nasfund’s more than 623,000 members.

The Fund’s collaboration with CEFI is important as it empowers Nasfund employees to be champion advocates of the savings culture through financial literacy.

Visit the CEFI Website to read more - https://www.thecefi.org/2022/04/05/nasfund-signs-mou-with-cefi/

The Centre for Excellence in Financial Inclusion #

The Centre for Excellence in Financial Inclusion #cefi in collaboration with Fresh Produce Development Agency (FPDA) under the Market for Village Farmers (MVF) project partnered with MiBank and People’s Microbank in March to open savings accounts for farming households in Jiwaka and Western Highlands.

More than 200 famers from these two provinces can now easily access banking services from home using mobile phones and banking agents.

CEFI and FPDA-MVF are working in partnership with the two microbanks to provide and expand the range of tailored banking services for rural farmers such as deposits, withdrawals, savings, and loan repayments.

The availability and accessibility of financial products and services for supported value chain stakeholders will improve their day to day business transactions as well as improving their living standards and having a positive impact within their respective communities.

#FinancialInclusion #microbanks #BankAccounts #savingsaccount #partnership #financialproducts #financialservices #farmers #valuechainstakholders #MobileBanking #BankingAgent #tailoredbanking #ruralfarmers

Bank of Papua New Guinea (BPNG) launched its Credi

Bank of Papua New Guinea (BPNG) launched its Credit Guarantee Corporation (CGC), which will now enable MSMEs to access loans from banks with the support of CGC.

Papua New Guinea Prime Minister James Marape launched the CGC in Port Moresby on March 29 adding that his government is committed to the CGC.

BPNG chairman David Toua said CGC will support the MSME sector’s growth after struggles to access loans to grow their business from financial institutions and commercial banks.

BPNG Acting Governor Benny Popoitai thanked National Government through the Kumul Consolidated Holdings for the joint venture partnership.

Mr Popoitai also thanked financial institutions and encouraged them to utilize the services that CGC will roll out.

The CGC is a newly established corporation and is a joint venture between the Bank of PNG and Kumul Consolidating Holdings and is incorporated under the Companies Act (1997) on January 05, 2022.

#FinancialInclusion #SMEs #MSMEs #msmesector #financialinstitutions #commercialbanks #loanservices #creditfacility

The Centre for Excellence in Financial Inclusion 2

The Centre for Excellence in Financial Inclusion 2021 Quarter 4 Data Report is now available for public review.

Download the data on https://www.thecefi.org/financial-inclusion-data-q1-q2.../

For more information email info@thecefi.org

E-Commerce Training of Trainers Training Certifica

E-Commerce Training of Trainers Training Certificate Presentation.

#cefi #financialinclusion #ecommerce #knowledgeshare #sme #smegrowth #champions #digitaltechnology #onlinebusiness

Participants from an Electronic Commerce (E-Commer

Participants from an Electronic Commerce (E-Commerce) Training of Trainers (ToT) training were told to be champions in digital technology.

Assistant Governor, Financial System Stability Group (FSSG), Bank of PNG, George Awap, made the remarks during a certificate presentation to participants from CEFI, MiBank and Women’s Micro Bank.

The Centre for Financial for Excellence in Financial Inclusion (CEFI) with the support of ABT Associate and DAFT (Department of Foreign Affairs and Trade) conducted a five day E-Commerce (Electronic) Training of Trainers (ToT) Training.

The objective of the training is to equip and empower the trainer’s different training techniques and subject knowledge of e-commerce so the trainers can be able to transfer knowledge to people, enabling them to take charge of online business or use e-commerce as a new marketing tool to generate profit.

Training Participants, Melisha Sindiwan, Marketing and Training Manager-Women’s Micro Bank and CEFI Training Officer Warden Gegera, were grateful for the training provided adding e-commerce is important for Papua New Guinea SME’s to grow.

Read more on these article and other CEFI news in our first 2022 newsletter edition which will be released at the end of the first quarter.

#cefi #financialinclusion #ecommerce #knowledgeshare #sme #smegrowth #champions #digitaltechnology #onlinebusiness

The National Training Council (NTC) this week offi

The National Training Council (NTC) this week officially presented the #cefi Centre of Excellence in Financial Inclusion 'Certificate of Registration to Conduct Training'.

CEFI has been approved by NTC as Training Provider in Papua New Guinea to conduct Courses in Certificate in Financial Literacy.

NTC also presented CEFI 'Accreditation of Courses' Certificate that will allow CEFI to conduct Financial Literacy Courses.

CEFI's Head of Training, Jill Pijui was also presented a 'Certificate of Registration as an Instructor' by NTC.

Ms Pijui is now registered by NTC as an instructor and accredited to provide training courses in Financial Literacy.

The certificates were presented by NTC Director Kinsella Geoffrey to Assistant Governor, Financial System Stability Group (FSSG), Bank of PNG, George Awap.

#cefi #ntc #financialliteracy #training

Highlight from our #IWD2022 Activities. #iwd2022

Highlight from our #IWD2022 Activities.

#iwd2022 #breakthebias #cefi

Highlights from our International Women's Day Acti

Highlights from our International Women's Day Activities Tuesday March 08 #iwd2022.

#cefi successfully trained 20 women on 'Savings and Budgeting'. The women were banking customers from three micro-banks in the nation's capital namely Women's Micro bank, MiBank and People's Micro Bank. The objectives of the IWD Celebration by CEFI and the microbanks were to promote businesswomen's success in managing their business, educate and empower other women who have passion to progress their businesses and enable the unbaked women to be banked.

The training ended with presentation of certificates by Assistant Deputy Governor, Financial System Stability Group, BPNG, George Awap, CEFI Executive Director Saliya Ranasinghe and special guest speaker, Annette Sete, Owner and Manager of Maku Designs.

Women's Micro Bank (WMB) also hosted CEFI at it's IWD celebration and our Executive Director Saliya Ranasinghe spoke to the women (banking customers with WMB) and staff of WMB. Mr Ranasinghe encouraged the women to practice a savings culture and aspire to progress and be successful in their small businesses.
WMB also facilitated formal banking accounting opening free of charge for women on IWD.

#iwd2022 #breakthebias #savings #budgeting #microbanks #savingsculture #womenempowerment #womenentrepreneur # #business #success

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