Financial education, a key to financial inclusion in rural areas
05/06/2018
The Seminar on Financial Inclusion in the APEC economies began in Madang this morning (05/05/18) focusing on financial education and inclusion in rural areas.
The Seminar on Financial Inclusion in the APEC economies began in Madang this morning (05/05/18) focusing on financial education and inclusion in rural areas.
Assistant Governor for the Bank of Papua New Guinea (BPNG), Ellison Pidik in his opening remarks of the seminar described Financial Education and Financial Inclusion important in educating rural base population and younger generation on the importance of finance that can improve living standards.
“Financial education when we teach and people become more aware, knowledgeable about the importance of savings, access to financial services like insurance or banking or basically doing transaction, it helps bring convenience to individuals and families to improve living standards.
“When you save more, you have more options, use your savings to invest and do worthy things that benefits yourself and your families.
“Financial education is key to spearheading Financial Inclusion into rural areas for people who have not being served,” said Mr Pidik.
He said BPNG would like education institutions to factor in financial literacy through their curriculum to help younger generation to know the importance of savings and be aware of money schemes that can destroy their livelihood.
Mr Pidik said that advancing Financial Inclusion is a policy priority for the APEC Finance Ministers’ Process (FMP) in 2018, recognizing its importance towards the broader APEC policy agenda of inclusive growth and development.
“FMP in 2018 will continue the focus on this important topic with an emphasis on the role of financial literacy and innovation and a focus on policy development, implementation and assessment.
“ This includes promoting practical tools and leading practices that support the expansion of access to, and productive use of financial services as reflected in the seminar’s theme, “Financial Capability, Education and Technology.”
Key messages from the seminar will be reported to the Senior Finance Officials Meeting (SFOM) on Thursday, and a more detailed report will be prepared as a record of this important activity.