Staff from the Bank of Papua New Guinea (BPNG) were given a practical refresher on budgeting, saving, and financial planning during a Financial Literacy Awareness session delivered by the Centre for Excellence in Financial Inclusion (CEFI) on Friday 18th July 2025.
Acting Executive Director of CEFI, Mr Peter Samuel, opened the session by emphasizing the need for mindset change regarding financial habits. He pointed out that many individuals, especially those on regular salaries, fall into the trap of relying on loans without properly considering the long-term impact of deductions on their savings. Mr Samuel urged participants to take the knowledge back to their communities, noting that financial literacy training should not stop at the individual but ripple outwards to families and peers.
The main presentation was delivered by Mr Sebastian Mugup, Senior Trainer at CEFI, who has over a decade of experience championing financial education across the country. Mr Mugup explained that budgeting and savings form the foundation of financial independence, especially for small businesses and rural communities. He introduced the six core modules of CEFI’s financial literacy training, with an emphasis on savings, household budgeting, tracking expenses, managing seasonal income, promoting financial services, and fostering a culture of savings in the community.
Mr Mugup stressed that saving money is not about how much one earns, but how well it is managed. He walked participants through practical strategies to develop savings plans, set financial goals, and link rural populations to formal financial institutions. He also spoke of the importance of educating school children early on financial matters and outlined CEFI’s ongoing efforts to integrate financial literacy into the national school curriculum.
The session concluded with BPNG’s Corporate Services Department Manager, Mr Jeroma Peniasi, expressing gratitude to Mr Samuel and Mr Mugup for their insightful presentation.
He highlighted the relevance of such training, particularly as BPNG staff engage in outreach activities abroad and at home, promoting smart money habits and empowering communities through improved financial awareness.
Ends.
Caption: Images showing Acting Executive Director of CEFI, Mr Peter Samuel and Mr Sebastian Mugup, Senior Trainer at CEFI, conducting Financial Literacy Awareness with BPNG Staff.
