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 with Milne Bay Provincial Administration to integrate and implement the roll out of Financial Inclusion services throughout the province.
Bank of Papua New Guinea Deputy Governor Joseph Teria on Monday 25 November 2019 signed the MOU with the Provincial Administrator Ashan Numa, initiating the start of a new phase of development for the province in advancing the financial inclusion services throughout the districts and local level governments.
“The MOU will enhance cooperation and relationship between CEFI and Milne Bay Administration by promoting stable and transparent financial services as well as contribute to strengthening wealth creation and economic empowerment for the people in the province.”
“By improving access to banks, micro banks, banking agents, ATMs, formal banking products and financial literacy training there, will enable people to understand skills, attitudes and especially behaviours in order to make sound financial decisions suited to improving their standard of living,” says Deputy Governor Joseph Teria
Under the MOU, CEFI will be working with Milne Bay Provincial administration through a project steering committee staff 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.
“Milne Bay has four districts, and 16 local level governments, which are far flung across the mainland to islands, it is quite expensive for people to participate fully in formal economic activities in the province. “
“Through this partnership, we endeavour to reach over 100 000 people in the province through financial education, provide access points for financial services that will improve greater economic empowerment for the people,” say Provincial Administrator Ashan Numa.
The MOU partnership is the second signed by CEFI with a provincial administration. CEFI has signed the first MOU with West New Britain Provincial Administration in August 2019. The MOU is an initiative that supports the implementation of the second National Financial Inclusion Strategy to enable financial access and literacy for districts and local level government wards.
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