Josephine Takup is no stranger to the surroundings of a classroom settings or standing in front of a class audience and teaching a group of adults.

In fact she is a model teacher in charge of adult literacy in her village Boroi in Bogia District, Madang province.

Boroi Adventist School in Yawari Ward 3 is run by ADRA (Adventist Development Relief Agency) a pilot project conducting education lessons.

Her field of expertise in the health sector is working with non-government agencies in her ward serving her community in providing much needed basic health services.

According to Josephine teaching has also become part and parcel of her experience, two jobs she says are very similar as it deals with people.

But one area that has also concerned her is the lack of knowledge her community know about savings.

The determination to educate the community drove her to attend CEFI’s second Training of Trainers Training held in Madang province.

She revealed in an interview that when the window of opportunity presented itself, she took it gladly knowing the knowledge she will be acquiring will benefit her people.

“Oh yes this is my first time to attend a ToT training run by CEFI,” she quipped.

“My dream is always to serve my people back home and now that I have finally completed this training I’m able to educate my people and teach them how to save and budget (their finances),” Josephine said.

Forty year old Campbell Poka an IT Technician by profession and from Baiteta Village, in the Ambenob Local Level Government  area, thanked CEFI and the Department of Community Development and Religion (DoCDR) for the training.

“I’m really excited to go back to my community and impart the knowledge to my community and also empower and create employment opportunities for my youths back in my village,” Campbell said.

Josephine and Campbell were among 14 women who were part of 30 Training of Trainers participants who successfully completed a five day financial literacy trainers training held at the Madang Resort.

The training sponsored by the DoCDR and was held from July 8-12.

Among the distinguished guests invited to attend the training of trainers training graduation were, Madang Province Governor Hon. Ramsey Pariwa, Mr. George Awap, Assistant Governor, Financial Stability System Group, Bank of Bank of PNG, who was also accompanied by CEFI’S  Executive Director Mr. Saliya Ranasinghe and Deputy Executive Director Mr. Peter Samuel.

Mr. Awap gave the keynote speech on behalf of the CEFI board and management where he emphasized on financial literacy being one of the pillars of sustainable development which thereafter the Assistant Governor then presented certificates to some of the participants with the help of other board members of the CEFI board.

“What you have just completed would turn you into what we call champions for financial inclusion,” Mr. Awap told the graduating participants.

“Being  a champion is about fighting a course to make sure that everybody has a bank account and an opportunity to have access to financial services.”

Mr. Awap told the participants that being a trainer is an instrument that you can use to influence others to change their financial behviours.

Madang Governor Hon. Ramsey Pariwa who was present to witness the brief graduation ceremony and certificate presentation, congratulated the participants and encouraged them to go out to their respective communities and educate their people on financial literacy.

The Governor thanked CEFI and the DoCDR for facilitating and sponsoring the training adding this was also part of his administration’s plans to equip the people with financial literacy knowledge.

Ends.

Image Captions:

Photo 1 – Josephine Takup

Photo 2 – Campbell Poka

Photo 3 –  (from left) Mr. George Awap, Assistant Governor, Financial Stability System Group, Bank of Bank of PNG and Alternate Chair CEFI Board, presenting a trainee participant his certificate during the graduation ceremony.

Photo 4 – (from left) Ms. Susil Nelson Kongoi, CEFI Board Member and Chief Executive Officer Institute of Banking and Business Management, presenting a trainee participant her certificate during the graduation ceremony.

Photo 5 – (from left) Mr. Sanja Pepae, First Assistant Secretary, Macro Planning, representing Department of National Planning and Monitoring and also representing CEFI Deputy Chair and Board Member Mr. Michael Tumbo Kumung, presenting a trainee participant his certificate during the graduation ceremony.

Photo 6 – (3rd from left ) Mr. George Awap, Assistant Governor, Financial Stability System Group, Bank of Bank of PNG and Alternate Chair CEFI Board, (4th from left ) Madang Province Governor Hon. Ramsey Pariwa, CEFI Board and trainees pose for a group photo following the presentation of certificates.

The Centre for Excellence in Financial Inclusion (CEFI) and the IBS University signed a Memorandum of Understanding which will see both organization working in collaboration towards promoting entrepreneurship and microfinance education.

The MoU was signed on Tuesday, 11^th June 2024 at the CEFI Head Office in Port Moresby between CEFI Executive Director Mr. Saliya Ranasignhe and IBS University Vice Chancellor Dr. Ramacchandra Aruncham.

The MOU between CEFI, IBS University and IBS Centre of Excellence Limited (IBSCOE) signifies a collaborative effort to advance education, particularly in the realms of entrepreneurship and microfinance, fostering mutual growth and development.

Recognizing the significance of promoting entrepreneurship and microfinance education, CEFI, IBS University, and IBSCOE aim to synergize their expertise and resources.

This three year partnership endeavors to integrate CEFI’s proficiency in digital financial literacy and online training methodologies with IBS University’s esteemed academic programs.

Executive Director Mr. Saliya Ranasinghe stated that CEFI was proud to come into partnership with IBS University and was looking forward to collaborate with the university to achieve some of the objectives outlined in the MoU.

The objectives include collaborative curriculum development, capacity building and training for students and staff, mutual learning and exchange and promotion of financial inclusion.

Vice Chancellor Dr. Ramacchandra Aruncham emphasized the important role the university played in providing world class education, training and research adding it was similar to CEFI whose main aim is to promote financial inclusion.

“A good opportunity for IBS staff to get training from CEFI and then we can re-impart the same knowledge to these students and they will spread that information to every province,” Dr. Ramacchandra.

Image Captions:

Photo 1- (from left to right): CEFI Executive Director Mr. Saliya Ranasinghe, CEFI Deputy Executive Director Mr. Peter Samuel, IBS University Vice Chancellor Dr. Ramacchandran Arunchlam and Dr. Emmanuel Aquino, Dean of Students, during the signing of the MoU.

Photo 2 – (from left to right): CEFI Executive Director Mr. Saliya Ranasinghe, CEFI Deputy Executive Director Mr. Peter Samuel and  IBS University Vice Chancellor Dr. Ramacchandran Arunchlam.

Photo 3 – (from left to right): Dr. Emmauel Aquino, IBS Dean of Students, IBS University Vice Chancellor Dr. Ramacchandran Arunchlam,  CEFI Executive Director Mr. Saliya Ranasinghe, CEFI Deputy Executive Director Mr. Peter Samuel signing the MoU documents.

Photo 7- (2^nd from right): CEFI Executive Director Mr. Saliya Ranasinghe and IBS University Vice Chancellor Dr. Ramacchandran Arunchlam (3^rd from left) shaking hands to confirm IBS University and CEFI’s partnership. Witnessing the signing is Mr. Damith Nayanrathana IBS Corporate Service Manager (1^st from left),  Dr. Emmauel Aquino, IBS Dean of Students (2^nd from left) and  CEFI Deputy Executive Director Mr. Peter Samuel (1^st from right).

The Centre for Excellence in Financial Inclusion (CEFI) hosted a panel discussion on Small Business Debt Management for Women MSMEs (Micro Small and Medium Size Enterprises) on June 27.

The activity coincided with the World MSME Day, which falls every year on June 27 and recognizes MSMEs worldwide who make a vital contribution to economic growth and development of their country.

Theme for MSME Day 2024 is, “Leveraging Power and Resilience of MSMEs to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple Crises,” underscores the critical role that MSMEs play in achieving sustainable development goals (SDGs) and fostering economic resilience.

The MSMEs represent a seedbed of entrepreneurial skills and innovation, contribute to job creation, and are considered the backbone of the global economy.

In Papua New Guinea, the number of MSMEs sprouting across the length and breadth of the country is inspiring as the ripple effects are reflected in the creation of numerous jobs directly and indirectly especially in the informal sector.

From food selling to tailoring the goal is the same, to earn money to support family households, but the biggest challenge local MSMEs face is ‘debt management’. Micro finance institutions have made access to finance possible for MSMEs across the country to enable small business people to utilize debts in order to improve and expand their business operations. Debt repayment, however remains challenging for women run MSMEs.

That was the key focus for CEFI in hosting the panel discussion and inviting over 20 twenty MSMEs in Port Moresby who were currently replaying small business loans to attend and listen and join in the discussions on ‘debt management’ with four panel experts.

The panelist included;

Vashiti Imar – Owner / Cake Decorator – Vashiti’s Cakes and Cupcakes,

Jessalin Airi – Senior Recoveries Officer – MiBank,

Elizabeth Jiko Alois – Managing Director – Hyang Limited and

Nellie Kavanamur Varmari – Founder – Central Dakis Maima/Mamina Trading

Guests speakers including CEFI’s Executive Director Mr. Saliya Ranasinghe and Mrs. Sabina Deklin Manager – Banking Supervision Department, Financial Systems Stability Group – Bank of PNG, had one key message for the women MSME in attendance, ‘be disciplined and committed’ in repaying their loans.

“Debt management is a key constraint that many MSMEs face and it is understandable that as a business woman you will face a lot of social pressures,” Mr. Ranasinghe told the women.

“We (CEFI) will be introducing debt counselling soon and we would like to invite you to come see us and discuss your (debt) problems and on your behalf also be talking with the banks, /; added Mr. Ranasinghe.

In commenting on the important role MSMEs play in developing the country’s economy in creating employment and contributing to the national’s GDP, Mrs.Sabina Deklin was encouraged to see many involved in this space adding this is a positive indicator of  elevating poverty, one of the targets set out under the sustainable development goals.

Mrs. Deklin highlighted the challenges to accessing finance as well as paying taxes and superannuation as other challenge established MSME businesses face, but the key she emphasized is to overcoming the challenges is knowing how to be discipline and committed in managing your debt.

Other guest’s speakers who shared testimonies of MSMEs who properly managed their debt to become successful in operating their respective business include, Mr. Danny Koka, Manager-NFIS Coordination and Stakeholder Engagements, Mr. Mr. Jamie Lopa, Manager – SME Development Division – Small and Medium Enterprises Corporation and Dr. Elizabeth Kopel, Senior Research Fellow – Informal Economy Research Program, PNG National Research Institution.

The conclusion of a two day training and workshop on Climate Change will now enable financial institutions and business advisers the leverage to comprehend the approach in delivering climate related services and finance.

Business Link Pacific (BLP) facilitated the training and workshop with the support of the Centre for Excellence in Financial Inclusion, the Green Finance Centre and the New Zealand Foreign Affairs and Trade.

On Monday June 24, eleven BLP approved business advisors attended a Climate Climate Change Innovation Training aimed at preparing business advisors with knowledge, approaches and tools to offer climate related services to SMEs.

BLP approved business advisors that attended the training included; Beach Accounting Advisory, Human Capital Management Solutions, PK Advisors, Aidan Limited, Infinity Workforce Consultancy, KLG & Co, Business Consultants, Kowas Charted Accountants, SNS Tech, Emmanuel Bogiono & Associates, Spectrum Consultancy Services and Itanata At Work Services Limited.

The second day a Climate Change Financing Workshop held on Tuesday June 25, focused on Financial Institutions which saw a total of 18 participants mainly from the commercial banks, micro banks, savings and loan societies and other licensed financial intuitions.

The objective of the workshop was to understand the need and benefit of offering climate finance in Papua New Guinea and learn how to create appropriate SME climate finance for the respective financial intuitions.

Shira Dumba, an Associate Director, Resources, Energy and Infrastructure with ANZ Bank, shared her thoughts on the Climate Financing Workshop, “Coming from ANZ as a global bank, we already have a sustainable finance products in the global market and so what was beneficial for me was trying to understand what we can implement that in the local PNG context, that was my big take away.”

“A big challenge but we are looking forward to this new phase that we are going through with green finance loan products and help mitigate climate change,” she added.

Karai Morea, Head of SME, Commercial – Moni Plus, was grateful for the opportunity to be taught about the importance of climate change finance and benefits it would have on the country.

“Attending the workshop gave me a broad overview of what the impact is and how it’s related “Mr. Morea said.

Lillian Camacho, Trainer Climate Change Advisor –BLP, when commenting on the participant’s interaction and engagement over the two days, was encouraged by the amount of interest and discussion adding this showed the awareness and eagerness to learn more.

“Business advisors basically walked away understanding how they could analyze and integrate inclusive practices and gender inclusion, disability inclusion, etc, into the climate change projects that businesses have been designing.”

“Managers from banks and financial institutions learnt core concepts around climate change, what climate change is, the context in PNG and a lot of work has that has gone into developing a national frame work taxonomy for green support in the country,” she added.

Richard Busby, Senior SME Banking Specialist – BLP, said it was encouraging to see the enthusiasm and willingness from the participants to learn new concepts they can take away as part of the impending new policy that is coming into force in PNG around climate change, development of new products and the level of engagements and collaboration.