The Centre for Excellence in Financial Inclusion (CEFI) on Wednesday, April 2nd visited IBS University (IBSU), located outside Port Moresby, to deliver a transformative Student Entrepreneurship Program. Representatives from financial institutions, including the Bank of Papua New Guinea, Nasfund, Bank South Pacific, and MiBank, joined the initiative.

In his welcoming address, IBSU Vice Chancellor Professor Ramachandran expressed gratitude for the collaboration between CEFI and IBSU, made possible through a Memorandum of Understanding (MoU). He highlighted the importance of this partnership in enabling programs such as the Student Entrepreneurship Program and thanked the participating financial institutions for their valuable contributions.

CEFI’s Manager for Financial Inclusion and Capacity Development, Ms. Jill Pijui, highlighted the MoU’s role in fostering financial literacy and entrepreneurial support at IBSU. She emphasized that CEFI would actively assist the university’s innovation hubs related to entrepreneurship, leveraging their expertise to empower students in informal, MSME, and SME sectors. Ms. Pijui also stressed the importance of personal money management, urging students to cultivate a savings habit early to secure their financial futures.

CEFI Officer Mr. Sebastian Mugup shared insights into the broader landscape of financial inclusion in Papua New Guinea. He detailed CEFI’s efforts to create partnerships with financial institutions and civil societies, promote gender equality in financial literacy, and enhance access to financial services. Mr. Mugup revealed that CEFI has trained over 200,000 Papua New Guineans since 2013, with over 50% of participants being women.

Adding depth to the program were insightful presentations from various financial institutions:

• Everlyn Mara, from the Financial Markets Division of the Bank of Papua New Guinea, shared valuable insights on investment opportunities with the Central Bank.
• Melisha Sindiwan, representing Nasfund, offered guidance on superfunds and the associated benefits of Nasfund membership.
• Jackson, from MiBank Nationwide, provided detailed information on MiBank’s range of banking products and services, including SME loans, vehicle loans, and savings accounts, among others.

The participation of these institutions added significant value to the one-day program, equipping students with practical knowledge and real-world opportunities to improve their financial well-being and entrepreneurial aspirations.

In addition to the presentations, information booths were set up outside the venue by both CEFI and MiBank, where students accessed brochures, asked questions, and engaged directly with representatives to learn more about available financial services and products.

The success of the event would not have been possible without the commitment and behind-the-scenes coordination of Mr. Sagara Wijeratne, who played a key role in ensuring a smooth and impactful program for both students and staff of IBSU and its TVET division.

This collaboration between CEFI, IBSU, and other financial institutions reflects a significant step towards equipping young minds with the tools and knowledge to build financially secure and entrepreneurial futures.

Image Caption: CEFI visited IBS University to deliver awareness sessions on Financial Inclusion and Financial Literacy Training to students as part of the IBSU Student Entrepreneurship Program. Representatives from Bank of Papua New Guinea, Nasfund, Bank South Pacific, and MiBank also were invited to participate in the program and share information on their respective organizations products and services. There was also mini information booth on display where the students had opportunity to know more about CEFI and the other financial institutions.