Month: April 2025

On April 23, 2025, The Centre for Excellence in Financial Inclusion (CEFI) and the Papua New Guinea University of Technology (Unitech) formally signed a Memorandum of Understanding (MoU) to establish a Fintech Incubation Centre at Unitech’s campus in Lae.

The new Fintech hub will play an important role in supporting the development and growth of financial technology startups. It will provide mentorship, funding, networking opportunities, and access to industry expertise. The initiative aims to foster innovation within the financial services sector by assisting entrepreneurs to refine their business models, develop products, and navigate regulatory requirements. Furthermore, the hub will facilitate collaboration between fintech startups, the Bank of Papua New Guinea’s regulatory sandbox, and established financial institutions, thereby promoting the integration of new technologies into traditional banking and finance systems.

The overall objective is to accelerate the growth of fintech entrepreneurs and to enhance the broader ecosystem of financial payments and service systems, ultimately expanding financial inclusion across Papua New Guinea.

Unitech Vice-Chancellor, Professor Ora Renagi OL, stated that “learning transforms living standards.” He emphasized that this initiative would empower young IT professionals to develop innovative solutions capable of enhancing a wide range of industries throughout the country.

Professor Renagi further elaborated that the University’s focus on teaching and research, as well as its five-year strategic plan, identifies the establishment of centres for innovation and incubation as a priority. He described the partnership with CEFI to establish the Fintech Incubation Centre as both timely and supportive.

CEFI Acting Executive Director, Mr Peter Samuel, reiterated CEFI’s commitment to advancing financial inclusion by embracing innovation and technology. He noted that the partnership would not only improve financial services but would also create opportunities for students to become self-employed and contribute meaningfully to economic development.

Mr Samuel also highlighted that fintech solutions developed through the Centre would be tested in the Bank of Papua New Guinea’s regulatory sandbox prior to their broader market introduction, ensuring compliance, safety, and effectiveness.

Following the MoU signing, attendees visited the proposed site for the Fintech Incubation Centre, marking a significant step towards realising this transformative vision.

Supporting this initiative are the PNG ICT Cluster and the National Information and Communications Technology Authority (NICTA). Key stakeholders are eager to collaborate to bring transformative changes to the financial services landscape, ensuring that financial systems become more efficient, inclusive, and accessible to individuals in both urban and rural areas.

Ends.

Image Caption: Vice-Chancellor of the University of Technology, Professor Ora Renagi (left), and Acting Executive Director of CEFI, Mr Peter Samuel, display the signed Memorandum of Understanding documents following the signing ceremony.

 

The Centre for Excellence in Financial Inclusion (CEFI) and the Western Pacific University (WPU) have signed a landmark Memorandum of Understanding (MoU) to jointly promote entrepreneurship, fintech, financial literacy, and microfinance education in Papua New Guinea (PNG).

The MoU between CEFI and WPU signifies a collaborative effort to advance education, particularly in the realms of entrepreneurship and microfinance, fostering mutual growth and development. The MoU outlines several areas of collaboration, including:

• Support WPU with the Entrepreneurship and Innovation Hub programs
• Set up of the Fintech Hub with support from WPU
• Curriculum Development and Implementation
• Monitoring and Evaluation of Program Impact
• Industry linkages and Stakeholder engagement

The MoU was officially signed on Friday, April 11, in Mt. Hagen by CEFI’s Acting Executive Director, Mr. Peter Samuel, and WPU President, Dr. Janet Rangou (PhD). This strategic partnership signifies a shared commitment to building human capacity, promoting innovation, and equipping students with practical skills to drive economic growth and financial empowerment across the country.

Speaking at the signing ceremony, Mr. Peter Samuel expressed enthusiasm for the partnership.

“We’re very excited about this collaboration and truly appreciate WPU’s innovative spirit. Attending the graduation today gave us confidence that we are partnering with an institution that shares our mission to empower our people. We look forward to the opportunities this partnership will create.”

In response, Dr. Janet Rangou highlighted the value of the partnership for student development, saying:

“We hope this collaboration will allow us to equip our students with lifelong, practical skills that will serve them and their communities long after graduation.”

Earlier in the day, Mr. Samuel and his team attended Western Pacific University’s inaugural graduation ceremony at its campus in Ialibu, Southern Highlands Province. A total of 99 students graduated in various disciplines, including Certificate in Higher Education, Bachelor of Arts in International Business Management, Bachelor of Science in Computer Networks, and Bachelor of Science in Computer Programming. The event also celebrated the official opening of the WPU’s state-of the art e-Library.

The keynote address was delivered by Hon. Peter O’Neill, Member for Ialibu-Pangia and former Prime Minister of Papua New Guinea. He spoke passionately about the university’s journey since its conception in 2012, noting that its founding idea emerged from the need to bring higher education closer to remote communities.

“This university is a national institution that has grown through both local and international support. It’s not just for the Southern Highlands but for the entire country,” said Mr. O’Neill.

Echoing this sentiment, Southern Highlands Governor Hon. William Powi described the graduation as a historic milestone for the province and the nation.

“While the graduating class may be small, their success marks the beginning of a legacy of educational transformation,” he said. The Governor also announced K68, 000.00 in tuition support and a K1 million contribution toward university infrastructure and services, with potential future investments in student facilities and postal services.

Minister for Higher Education, Research, Science and Technology, Hon. Kinoka Feo, also addressed the ceremony, reaffirming the government’s commitment to expanding higher education in PNG. He highlighted increased budget allocations, the expansion of the Higher Education Loan Program (HELP), and the PESA initiative as examples of national efforts to ensure quality education and accessibility for all.

Minister Feo also acknowledged the contributions of key figures in the establishment of WPU, and the Department of Higher Education, along with other stakeholders who guided the institution through official government processes.

In her remarks, Dr. Janet Rangou paid tribute to several individuals instrumental in WPU’s journey, including the late Sir Peter Barter, Professor Father Jan Czuba, and the former PNG Prime Minister and current Ialibu-Pangia Member Hon. Peter O’Neill , thanking them for their vision, support, and belief in the power of education. She emphasized WPU’s ongoing mission to become a university of choice in PNG and beyond, committed to lasting societal impact.

Dr. Rangou concluded by expressing gratitude to students, staff, partners, and the WPU community, underscoring their collective role in shaping a more educated and inclusive future for Papua New Guinea.

 

Ends.

Image Captions:

Image 1.   CEFI Acting Director Mr. Peter Samuel (left) and WPU President Dr. Janet Rangou (PhD) signing the MoU Documents  at the Mc Royal Hotel in Mt Hagen. Witnessing the signing are, (left standing) Ms. Jill Pijui, Manager Financial Inclusion and Capacity Development (CEFI) and Dr. Emmauel Aquino (PhD), Vice President University Advancement (WPU)

Image 2. CEFI Acting Director Mr. Peter Samuel and WPU President Dr. Janet Rangou (PhD) shake hands to signify the beginning of CEFI and WPU’s collaboration and partnership.

Image 3. CEFI Acting Director Mr. Peter Samuel and WPU President Dr. Janet Rangou sharing their words of thank you acknowledgement towards the success of the MoU signing.

Image 4: (from L-R) Mr. Peter Samuel, CEFI Acting Director, Ms. Jill Pijui, Manager Financial Inclusion and Capacity Development (CEFI) and Dr. Emmauel Aquino (PhD), Vice President University Advancement (WPU) at the WPU graduation ceremony.

Image 5:  Delilah Tumbo receiving her Academic Excellence Award (Silver Award) from Minister for Highher Education, Research, Science and Technology and Member for Unggai Bena Hon. Kinoka Feo during WPU’s Inaugural Graduation Ceremony in Ialibu, Southern Highlands Province. Delilah graduated with a Bachelor of Science in Computer Programming scoring the highest GPA of 4.28 thus earning her the Silver Award.

Image 6: Koani Guba receiving his Certificate in High Education Foundation Studies from DHERST Secretary Father Jan Czuba WPU’s Inaugural Graduation Ceremony in Ialibu, Southern Highlands Province.

Image 7: The first graduates of Western Pacific University at the inaugural graduation ceremony at held at the university’s campus in Ialilbu, Southern Highlands province.

Image 8: (from L-R) Southern Highlands MPs and Minister’s with Southern Highlands Governor Hon. Willian Powi and Chinese Ambassador to PNG Yang Xiaoguang cutting the ribbon to the K16 million digital library at the WPU on Friday 11^th April.

Image 9: Minister for Highher Education, Research, Science and Technology and Member for Unggai Bena Hon. Kinoka Feo & Chinese Ambassador to PNG Yang Xiaoguang unveiling a plaque to officially mark the opening of the K16 million digital library at the WPU on Friday 11^th April.

 

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