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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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