The Centre for Excellence in Financial Inclusion (CEFI) in partnership with the Bank of Papua New Guinea is delivering a financial inclusion workshop to support Milne Bay Provincial administration to improve access to formal financial services in the province.
CEFI as the custodian of the PNG Financial Inclusion Strategy and the implementer of Government financial inclusion Policy will be working closely with Milne Bay Provincial administration to train and build their capacity and knowledge to roll out financial literacy and business development services training to reach a wider population in province, targeting mainly youths and women.
The activities will also include expanding banking and financial services network, increase formal bank accounts for residents, financial literacy and business development training and digitizing provincial government payments.
The Bank of Papua New Guinea Assistant Governor Ellison Pidik encouraged administration staff to prioritise financial inclusion agenda as an important development tool to improve the livelihood of people in the province.
“In Milne Bay Province, most of the financially excluded are located in rural areas that are too far away from the nearest banking outlet. The workshop will help the administration and its partners to identify and close the gap with delivering basic services like savings, credit, insurance, and payment services from a formal financial service provider” says Assistant Governor Pidik.
Milne Bay Deputy Provincial Administrator Sharon says workshop will help the administration have a holistic and comprehensive understanding of financial inclusion.
“The program will improve knowledge, understanding, skills, attitudes, and especially behaviours which people need in order to make sound personal finance decisions, suited to their social and financial circumstances,” say Ms Mua.
The workshop is an outcome of the provincial rollout program under the National Financial Inclusion Strategy 2016-2020 to reach provincial, local level and wards to promote the integration of financial inclusion in the planning and implementation processes.
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