The Mineral Resource Authority (MRA) and the Centre for Excellence in Financial Inclusion (CEFI) have signed a Memorandum of Understanding (MoU).
The MOU is to facilitate partnerships that include the roll out of financial inclusion activities in mine affected communities.
The MOU aims to ensure financial inclusion programs enable communities in mine project areas to be empowered to effectively manage their money.
The MOU was signed by BPNG Assistant Governor (AG), Financial Systems Stability, Ellison Pidik, and MRA Acting Managing Director, Nathan Mosusu.
The signing on Monday is seen as a big step in financially empowering landowners and equity owners of mining projects and small scale miners.
MRA Acting MD, Mosusu, said many lacked the financial knowledge to manage funds.
The MOU will ensure various programs are undertaken through partnerships with banks and other financial institutions to enable a nationwide rollout.
Pidik said the programs will improve the lives of mine affected communities.
The MOU is an outcome of the second National Strategy for Financial Inclusion 2016-2020 which has identified seven key priority areas which include;
- Resources Sector Engagement
- Digital Financial Services
- Inclusive Insurance
- Financial Consumer Protection
- Access to Finance for Informal Sector Economy and Agriculture Enterprises
- SME Finance
- Financial Literacy and Financial Education
The Resources Sector Engagement priority area seeks engage with resources sector organisations to digitize community benefits payment so that payments are remitted to their respective bank accounts and are regularized.
It will also facilitate partnerships with Government and the private sector for offering financial literacy training to affected communities, including the establishment of facilities to enable communities to have increased financial services access points.
Source: PNG Loop
Date: 29th June, 2018