CEFI – Creating Financial Freedom

It is estimated that 75% of the total population is excluded from the formal financial sector

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 120,000 accounts opened so far. Under the Young Minds Savings initiative targeting youths from birth to age 25, as of June, 2018, more than 300,000 accounts have been opened.

Since 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.

A Risk Share Facility was introduced to give confidence to partner financial institutions under a Risk Share Agreement (RSA) to lend to SMME sector covering 50% of the defaulted outstanding amount. As of July 2018, a cumulative value of PGK 22,322,959 has been covered by RSF, of that value, more than 6million Kina are loans covered for women.

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 in PNG.

Research shows that financial literacy and competence of the population is low. Low levels of financial literacy and competence constitute a 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.

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News and Updates

New Year Message From Executive Director, Saliya Ranasinghe

The year 2019 can be summarised in a few words; In the face of challenges, we made significant progress. I thank the Chairman of the

January 6, 2020 No Comments

BPNG Regulatory Sandbox Officially Launched, Welcomes New Innovations to Benefit Citizens of Papua New Guinea

Port Moresby – Papua New Guinea’s Central Bank and Financial Regulator, The Bank of Papua New Guinea, yesterday launched its Regulatory Sandbox. The Sandbox, the

December 5, 2019 No Comments

Milne Bay signs MOU partnership with Centre for Excellence in Financial Inclusion

The Centre for Excellence in Financial Inclusion has expanded its Provincial Government Engagement Program to Milne Bay Province, with Memorandum of Understanding (MOU) partnership signed

November 26, 2019 No Comments

Executive Director’s Reflections

Read our executive directors interview

Up Coming Events

Financial Consumer Protection Working Group Meeting

March 31, 2019 No Comments

Digital Financial Services Working Group Meeting

March 31, 2019 No Comments

Resources Sector Engagement Working Group Meeting

March 31, 2019 No Comments

Small Medium Enterprise Finance Working Group Meeting

March 31, 2019 No Comments

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