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Impact Stories

Jessica determined to educate her people on financial literacy after successfully completing CEFI’s Training of Trainers Training.

Photo Captions:

Photo 1 – A male participant delivering a presentation during the ToT training.

Photo 2 – Group presentations during the ToT training.

Photo 3 – Jessica Kuambu receiving her certificate from CEFI Executive Director Mr. Saliya Ranasinghe.

Photo 4 – The ToT trainee participants following the mini graduation pose for a group photo with CEFI’s Executive Director Mr. Saliya Ranasinghe (sitting 3rd from right) and Deputy Executive Director Mr. Peter Samuel (sitting 2nd form right).

Photo 5 – Jessica Kuambu with proudly showing her certificate after successfully completing the ToT Training.

Photo 6 – Jessica Kuambu (middle) with her colleagues from the ENBSL, Lavini Taraika (CEO-ENBSL) and Peter Wartovo (Business Development Officer-ENBSL), who also attended the five day ToT training.

Photo 7– Group discussion activity during the ToT training.

 

April 30, 2024

Growing up in the 1990s in Bialla, West New Britain Province, a young Jessica Kuambu witnessed firsthand how people from her area spent cash recklessly without giving a single thought about saving.

The oil palm boom in the province caused an overflow of cash into the province hence Jessica to help her people one day to learn about savings.

“When I was in high school my parents had an oil palm block and during the harvesting period there were so much money floating around, people did not know what to do with it, the only thing they knew was spending it recklessly,” revealed Jessica.

“My father also had a small trade store and on weekends we would make around K80,000 to K100, 00 in cash. My parents would put all that money under their mattress and sleep on it until Monday, and go to the bank and deposit all these money,” she recalled vividly.

“During school holiday’s, going back home, I sometimes question why can’t OPIC or Hargy conduct some training to teach these people how to save their money,” thought Jessica.

This question 30 years on motivated Jessica to one day help her people know about saving and budgeting their money.

On Friday 19th April 2024, Jessica was among 31 participants certified by CEFI to be trainers in Financial Literacy.

The graduating batch were part of the first Expression of Interest-Training of Trainers training facilitated by CEFI in their Port Moresby office.

Jessica, who currently works as a Manager –Sales and Marketing with East New Britain Savings and Loans (ENBSL) in Kokopo, attended the training with two of her colleagues, CEO Lavinia Taraika and Business Development Officer Peter Wartovo.

Having an ENBSL branch in Bialla is the spring board for Jessica to use to impart the knowledge and skills she gained from the five days training, to her local community.

She revealed that there was a great need for financial inclusion activities and financial literacy programs to be implemented in local governments in the rural area.

She added they were unable to attend to the high number of request for financial literacy training due to the limited number of trainers but now that is about change following the training.

“We are increasing the number of trainers in the ENBSL, so we can go out and train many people as we can in financial literacy in all the four districts in ENB,” she said.

“We (ENBSL) are also expanding throughout the New Guinea Islands so in this capacity we are able to cover more territory not just inside ENB but in nearby provinces as well.”

For Jessica the training has equipped her well to return home and encourage her people to open bank accounts, save their money and empower them with financial freedom.

Ends.

 

 

 

Categories
Media Releases

The Bank of Papua New Guinea collaborates with the Global Green Growth Institute to launch Papua New Guinea’s Green Finance Centre

Port Moresby, Papua New Guinea, March 25, 2024. The Bank of Papua New Guinea (BPNG) in close collaboration with the Global Green Growth Institute (GGGI) together with other key partners including the Centre for Excellence in Financial Inclusion (CEFI), the Department of Climate Change and Development Authority (CCDA), the Department of Treasury, the Alliance for Financial Inclusion (AFI), the New Zealand Ministry of Foreign Affairs & Trade (NZ MFAT) and the Agence Française de Développement (AFD) all gathered at the Hilton Hotel to launch Papua New Guinea’s Green Finance Centre (GFC).

GGGI, as the main delivery partner and CEFI as a champion in financial inclusion teamed up to develop the Inclusive Green Finance Policy (IGFP) back in 2021. GGGI received a total funding of USD 670,000 from the New Zealand Ministry of Foreign Affairs and Trade (MFAT) under the Low Emission Climate Resilient Development Program (LECRD) program for the initiative which includes the establishment of the GFC.

The GFC will now serve as the entity responsible for overseeing the implementation of IGFP and all future initiatives related to green finance flows in the country. Its core objective would be to address environmental and climate challenges in PNG and promote sustainable economic growth through innovative, yet inclusive climate financing and green investment mechanisms and it will be guided by a steering committee that is chaired by BPNG.

During the launch, GFC’s logo and website were unveiled by the guest of honour, Chief Secretary to the Government of Papua New Guinea Mr. Ivan Pomaleu OBE, Conservation Environment & Climate Change Minister Hon Simo Kilepa MP, and the Governor of the Bank of Papua New Guinea Mrs. Elizabeth Genia.

Other high-profile guests who were present at the auspicious launch included New Zealand High Commissioner to PNG, HE Pete Zwart, France Ambassador to PNG, HE Guillaume Lemoine, GGGI Country Representative Mr. Sakiusa Tuisolia, AFD Executive Director Mr. Philippe Orliange, AFI Executive Director Dr Alfred Hannig, BPNG Assistant Governor Mr. George Awap and CEFI Chief Executive Officer Mr. Saliya Ranasinghe.

Coinciding with the launch was the signing of a Memorandum of Understanding (MoU) among BPNG, GGGI and the three financial Institutions; Bank of South Pacific Group (BSP Group), Nationwide Mirco Bank (MiBank) and Women’s Micro Bank (Mama Bank) to integrate the IGFP onto their books to develop green loan products.

Also at the launch, AFD signed a 6 million Euros grant agreement with GGGI as the delivery partner of Greening the Pacific’s Financial System. Under this grant, PNG through the GFC will receive 1 million Euros to support the ongoing work of IGFP implementation and an additional 1.8 million Euros for designing and capitalizing of a Green Refinancing Facility.

The guest of honour in his keynote remarks praised the establishment of the GFC that it is a bold step forward in greening PNG’s financial sector and will mobilize green investment opportunities to address climate change impacts to ensure a more resilient future for Papua New Guineans.   “In line with the Government’s mandate, the Green Finance Centre will strongly advocate for banks to channel loan investments in sectors such as Agriculture, Energy, SMEs and Bioeconomy to promote low-emission options to reduce our carbon footprint and lead by

example in the region and globally, demonstrating our commitment to addressing climate change impacts,” said Mr. Pomaleu.

BPNG Governor Mrs. Elizabeth Genia echoed BPNG’s commitment to this endeavour. The Bank of Papua New Guinea is committed to promoting national financial inclusion and the greening of the financial sector and the launch of the Green Finance Centre underscores the commitment of all stakeholders involved to drive sustainable development and address climate change challenges through innovative financial mechanisms,” said Mrs. Genia.

Mrs. Genia also thanked CEFI and GGGI for their tremendous work in developing IGFP and now establishment of GFC.

The New Zealand High Commissioner to PNG, HE Peter Zwart, emphasized that climate change and its impacts are real, and that responsive climate action is increasingly urgent. He said, “The New Zealand Ministry of Foreign Affairs and Trade is proud to provide funding for IGFP and collaborate with the Bank of Papua New Guinea and GGGI in establishing the Green Finance Centre which will play a crucial role in working with financial institutions to mobilize increased green lending and investments in Papua New Guinea.”

The France Ambassador to PNG HE Guillaume Lemoine also emphasized the importance of the initiative giving similar remarks saying “Greening the financial system in PNG is crucial towards the fight against climate change and I am proud that France is happy to help PNG tackle this. PNG is a role model in the Pacific, and we wish all the best to the team involved.”

Other VIPs that also spoke during the occasion were AFI Executive Director Dr Alfred Hannig, AFD Executive Director Mr. Philippe Orliange and BPNG Assistant Governor Mr. George Awap who all highly commended the significance of the Green Finance Centre.

The Inclusive green finance initiative is in line with BPNG – CEFI’s Third National Financial Inclusion Strategy (NFIS 3) (2023-2027) and PNG’s climatic goals stated in PNG Vision 2050 and Medium-Term Development Plan IV (2023-2027). The GFC is located within the CEFI office on Level Three, Credit Corp Building, Downtown Port Moresby. For more information on GFC, kindly visit GFC’s website, www.gfcpng.com or send an inquiry to infor@gfcpng.com

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