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A two week workshop on Financial Education aims to develop a resource material that will enhance student’s financial awareness from an early age.

A Two-week Financial Education Content Alignment and Development Workshop is being held at Tuhava Resort, outside Port Moresby, from October 21st to November 1st, 2024.

The workshop focuses on creating Teacher Resource Books and Student Activity Books for students in Preparatory to Grade 6.

It is funded by the Centre for Excellence in Financial Inclusion (CEFI) and facilitated in collaboration with the Department of Education (DOE)- Curriculum Development Division (CDD).

 

The workshop was officially opened by First Assistant Secretary – Curriculum Development Division, Mr. Steven Tandale, and witnessed by CEFI’s Executive Director, Mr. Saliya Ranasinghe, and Deputy Director, Mr. Peter Samuel.

 

A total of 25 participants from diverse educational backgrounds, including primary school teachers, DOE-CDD curriculum officers, and CEFI staff, attended the workshop. Their combined expertise will help ensure the developed materials are both comprehensive and applicable in real classroom settings.

 

This workshop is a crucial step in integrating financial education into the national curriculum. Participants will engage in content writing and discussions to create high-quality educational resources that cover important financial topics like savings, budgeting, banking services, debt management, investments, and insurance. These resources aim to promote informed decision-making and improve students’ financial awareness from an early age.

 

The workshop also aims to align financial education content with the existing syllabus for various grades:

 

  • Prep to Grade 2: Culture and Community
  • Grades 3-5: Social Science
  • Grades 6-8: Making a Living
  • Grades 9-12: Business Studies

 

A follow-up workshop will be held before the year ends to develop resources for Grades 7-12, focusing on advanced topics like investment, superannuation, and retirement.

The expected outcome of the workshop is the creation of 14 essential educational resources;7 Teacher Resource Books and 7 Student Activity Books, to support financial education for Prep to Grade 6. This aligns with the national government’s priorities:

 

  • Vision 2050: Emphasizes financial literacy and wealth creation.
  • PNG Strategic Development Plan 2030: Focuses on inclusive education and financial literacy.
  • National Education Plan (NEP): Highlights the need for a curriculum that meets local needs and imparts technical skills.
  • Financial Sector Development Strategy: Stresses the need for a financially literate society.
  • National Financial Inclusion Policy: Calls for financial inclusion to be integrated into the national curriculum.

 

Since 2021, following a Memorandum of Understanding (MoU)  Mr. Tandale acknowledged that while plans for developing financial education curriculum had been discussed for years, significant progress has been made since the partnership with CEFI began.

 

CEFI Executive Director, Mr. Saliya Ranasinghe, reminded participants that it is now mandatory for all Papua New Guinea students to undergo financial education in schools. He praised the DOE, especially Mr. Tandale, for their leadership in advancing financial literacy, emphasizing the importance of teaching these skills early to shape a better future.

 

CEFI Deputy Director, Mr. Peter Samuel, encouraged participants to be “game changers” who will drive a positive impact for the next generation, stressing the importance of changing mindsets to prepare students for the future.

 

This workshop marks a significant step in embedding financial education into the education system, with the ultimate goal of preparing PNG’s students to become financially responsible adults.

 

Ends.

Image Captions:

Image 1.   A group photo of workshop participants and management and staff from CEFI and Department of Education.

Image 2. Participants during the Financial Education Content Alignment and Development Workshop at Tuhava Resort, Central Province.

Image 3. CEFI Executive Director Mr. Saliya Ranasinghe speaking to CDD Officers from the Department of Education.

 

For further information on the work of CEFI please contact CEFI Communications Team: +675 3225300, email: lomaro@thecefi.org  or visit www.thecefi.org

 

 

 

 

 

 

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Financial Inclusion is the key to improving livelihood of the people of Simbu

Financial Inclusion is the key to improving livelihood of the people of Simbu contributing to broader economy and self-sustainability for the province.

Simbu Governor Noah Kool made this remarks when signing a MoU with the Centre for Excellence in Financial Inclusion (CEFI) to forge a partnership in rolling out financial inclusion activities and programs in the province.

“The MOU will help to identify potentials where CEFI and Simbu Provincial Government can work together especially in areas around training and implementation of Financial Inclusion activities in the province,” said Governor Kool during the signing at the Simbu Provincial Government Headquarters in Kundiawa town on Monday 14th October, 2024.

Simbu Province is willing to partner and work with CEFI to implement financial inclusion activities in the province and this marks a new era for our people and I urged all stakeholders to support the financial inclusion in the province,” said the Governor.

He said the MoU signing was the first of its kind between Simbu province, CEFI and the Bank of Papua New Guinea (BPNG).

“Simbu needs financial literacy training as we would like to move into a broader economy for self-sustainability, (because) we don’t have the culture of savings, and we need to be more educated and be financially literate,” the Governor added.

Deputy Chief of Party, USAID PNG Lakautim Garun Program (LGP), Mr. Jordan Bulo acknowledged the partnership between CEFI and the Simbu Provincial Government and stressed that the USAID PNG (LGP) is willing to partner and work with provinces and districts to serve the rural population through the rollout and implementation of financial inclusion activities including other key areas of focus.

Assistant Governor, Financial Stability System Group, Bank of PNG, Mr George Awap thanked and commended the Simbu Provincial Government for recognising financial inclusion as an essential component of Papua New Guinea’s development plan.

“CEFI and BPNG are progressing to moving towards signing agreements with provincial governments so they can take the responsibility in taking financial education for a sustainable program,”

“Donors will support for a shorter period, but the government will take into consideration financial inclusion programs to educate the people of Simbu Province to manage their money well,” said Mr Awap.

CEFI Executive Director Mr. Saliya Ranasinghe stated that having access to financial inclusions services is very important and it starts with financial literacy training.

“The first step is to get the provincial trainers trained through CEFI training programs so that they can get other people in the province trained,” said Mr. Ranasinghe.

“CEFI’s main aim also is to work with (the) Education Department to have financial inclusion programs taught in schools throughout the country in order to empower individuals to alleviate them from poverty,” he said.

The MOU signing between CEFI and Simbu Provincial Government was a result of a partnership facilitated by the USAID PNG Lukautim Graun Program (LGP) between CEFI and the Simbu Provincial Government.

Simbu is the second province in the Highlands region after Western Highlands to enter into partnership with CEFI under the USAID PNG Lukautim Graun Program.

Other provinces who signed MoUs under CEFIs Government Engagement Program include Milne Bay, West New Britain, East New Britain, New Ireland, Madang and Kerema District (Gulf province).

 

 

Ends.

Image Captions:

Image 1. Simbu Governor Noah Kool and Assistant Governor, FSSG-BPNG Mr. George Awap sign the MoU  witnessed by the provincial Administrator Mr. John Punde and CEFI Executive Director Mr. Saliya Ranasinghe.

Image 2. Simbu Governor Noah Kool and Assistant Governor, FSSG-BPNG Mr. George Awap showing the sign MoU documents.

Image 3. A group photo taken outside the Simbu Provincial Government Building after the MoU Signing.

 

For further information on the work of CEFI please contact CEFI Communications Team: +675 3225300, email: lomaro@thecefi.org  or visit www.thecefi.org

 

 

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Women SMEs in Enga province will benefit from Financial Literacy Training programs following a MoU between CEFI and Regina Sagu Foundation

10th October 2024

SMEs (Small to Medium Enterprises) in Wabag , Enga province will benefit from financial literacy training programs following a Memorandum of Understanding (MoU) between the Centre for Excellence in Financial Inclusion  (CEFI) and Regina Sagu Foundation (RSF).

Both organizations recently signed the MoU in Port Moresby which will see CEFI conduct Financial Literacy Training of Trainers programs targeting women in SMEs, in Enga province and in the National Capital District.

RSF plans to deliver both trainings to 30 participants each in Port Moresby and Wabag on two main modules which are savings and budgeting.

Founded by the late Justice Regina Sagu, RSF is based in Port Moresby but has begun establishing its operations in Wabag, Enga province as of June 2024.

RSF has conducted Gender Based Violence sensitization awareness training for staff and teachers in schools, starting with Kopen Secondary, and is now focused on women in SME.

The organization’s main interest is integrating financial literacy into their existing programs to empower SME women and market management in Wabag, responding to a strong demand for financial training and their work in Wabag has identified an urgent need to equip women with financial skills, particularly given the region’s vulnerability to natural and social-ethnic challenges.

RSF’s aim is to support SME women and market vendors in Wabag by empowering them to better manage and grow their business, ultimately helping them transition from the informal economy to the formal financial economy.

Executive Director Mr. Saliya Ranasinghe during the signing ceremony on Friday 4th October, thanked RSF for reaching out to CEFI to conduct the training adding this important partnership will go a long way in benefiting women SME’s to improve their knowledge and skills in financial literacy.

“It’s encouraging to see that your organisation is giving prominence to parting this knowledge to the community groups whom you are working with. I’m sure that it’s going to change the lives of the people for the future,” said Mr. Ranasinghe.

“Changing mindsets is important and I hope that the partnership that we are establishing today will take us through this transformation process and to make this place a better place for the younger generation of this country.

Mr. Ranasinghe encouraged RSF to invite banks when conducting the financial literacy training to open bank accounts and also do an evaluation after a year of doing the training to see the impact it has in changing people’s lives.

In response Ms. Grace Ma’ai, RSF Acting Director and President thanked CEFI for the promptness in progressing the MoU signing to commence the training.

Ms. Ma’ai emphasised the MoU signifies hope in the communities RSF works with especially in Wabag empowering women and youths, sporting groups, school and educational institutions and SME women.

She added that is RSF’s ambition and they look forward to working with CEFI in delivering the training to these groups of people and monitor how they are implementing the training to improve their lives.

“This partnership is a big step forward for RSF and its communities and we look forward also to working together with CEFI,” said Ms. Ma’ai.

“We (RSF) are self-funded and open to activities that will enhance and help our communities to bring better economic resilience and reduce poverty to the community,” she added.

RSF partnership with CEFI will see the following deliverables; Training the trainers, RSF enabling them to independently deliver financial literacy programs as part of their ongoing GBV sensitization workshops, provide certified financial literacy training to over 1000 men, women and youths from SMEs in Wabag and expand their capacity building efforts beyond Wabag, and potentially into Telefomin, Sandaun Province in the future.

Ends.

Image Captions:

Image 1.   (2nd right) CEFI Executive Director Mr. Saliya Ranasinghe and RSF Acting Director and President Ms. Grace Ma’ai signing the MoU documents. Witnessing the signing, Financial Inclusion and Capacity Development Manager Ms. Jill Pijui (far right) and RSF Deputy President Ms. Rosemary Koimo (far left).Image 2. (2nd right) CEFI Executive Director Mr. Saliya Ranasinghe and RSF Acting Director and President Mrs. Grace Ma’ai show the documents signifying both organizations partnership to deliver the financial literacy training.

Image 2. (2nd right) CEFI Executive Director Mr. Saliya Ranasinghe and RSF Acting Director and President Mrs. Grace Ma’ai show the documents signifying both organizations partnership to deliver the financial literacy training.

Image 3. (From left to right) RSF Deputy President Ms. Rosemary Koimo, Acting Director and President Mrs. Grace Ma’ai with CEFI Executive Director Mr. Saliya Ranasinghe and, Financial Inclusion and Capacity Development Manager Ms. Jill Pijui show their partnership in delivering the training following the MoU signing.

 

For further information on the work of CEFI please contact CEFI Communications Team: +675 3225300, email: lomaro@thecefi.org  or visit www.thecefi.org

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