Month: August 2025

The Centre for Excellence in Financial Inclusion (CEFI) successfully conducted a week-long Financial Literacy Training for lecturers at IBS University (IBSU) from 11th to 15th August.

The training, held in partnership with IBSU, aimed to enhance lecturers’ capacity to impart vital financial management skills to their students.

Mr Peter Samuel, Acting Executive Director of CEFI, in his keynote address acknowledged the efforts of both institutions in driving the programme.

He said the training reinforced the importance of practical financial education.

“This training is not only about concepts but about changing mindsets,” he explained. He highlighted the cultural and social pressures that often hinder long-term financial planning, urging participants to encourage students to adopt sustainable money management practices.

Mr Samuel added that the collaboration between CEFI and IBSU would pave the way for future partnerships with financial institutions to integrate real world financial products into education.

He concluded by commending the lecturers for their humility and commitment, describing it as “a testament to the growth of this institution and its mission.”

Professor Ramachandran, Vice-Chancellor of IBSU, in his opening remarks emphasized the importance of the initiative as part of a broader memorandum of understanding between CEFI and the university.

He said the training was important in preparing educators to understand their students’ diverse mindsets and to instill financial responsibility in future graduates. “If we do not promote financial literacy, households will continue to face poor financial planning. It is our duty to support CEFI and bring this knowledge to the community,” he noted.

Representing the female lecturers Dr Glory Sujitha Antony commended the collaboration between IBSU and CEFI, describing the training as “very effective, informative, and knowledgeable.”

She noted that participants had not only gained new knowledge but also embraced practical lessons they could apply in their personal and professional lives.

Mr Wasa Walu, who spoke on behalf of the male lecturers, stressed the importance of financial education, stating that “whatever the degree of qualification you possess, financial literacy is very important.”

He added that the programme had changed the way lecturers would approach financial awareness in their teaching.

Ends.

Image caption: Lecturers from IBS University participated in a week-long Financial Literacy Training facilitated by CEFI from 11–15 August, enhancing their capacity to deliver essential financial management skills to students.

The Centre for Excellence in Financial Inclusion (CEFI), in partnership with the Mineral Resources Authority (MRA), successfully delivered a three-day financial literacy training for representatives from Tabar Island Mineral Holdings of Simberi Mine in New Ireland Province.

The training was held from Monday 11^th August to Wednesday 13th August, concluding with a certificate presentation ceremony on Friday 15th August at the CEFI Office.

In his keynote speech Mr. Rowan Rupa, Assistant Governor – Financial Market Operations Group- Bank of Papua New Guinea urged participants to adopt sound money management habits.

He warned against reckless spending, highlighting the risks of financial shocks. “Money can either help you grow or destroy you if not managed well. Saving and planning are key for future generations,” Mr. Rupa explained.

Also speaking at the mini-graduation, MRA’s Manager Project Coordinator, Mr. Pelis Vatnabar, commended the participants for their commitment.

He said the training aimed to strengthen accountability and governance in community development projects.

“The knowledge you have gained here must be used to build trust and ensure transparent leadership for your people,” Mr. Vatnabar stressed.

Mr. Jack Kwa, Training Manager with the Somare Institute of Leadership and Governance, encouraged the participants to embrace change.

Mr. Kwa told them that training alone would not be enough unless attitudes shifted.

“You must go back to your communities and demonstrate leadership through action. We don’t want business as usual, we want to see real change,” he emphasized.

Speaking on behalf of the participants, Mr. Maris Pius Vaket, Chairman – Tabar Island Mineral resource Holdings, thanked the Somare Institute of Leadership and Governance, Institute of Banking and Buiness Management and CEFI for the respective trainings his group attended during the course of the last few weeks.

Mr. Vaket made a special mention of MRA for facilitating their entire training program adding their support towards equipping the landowner group with life skills training was invaluable and appreciated.

The landowner group chairman also thanked CEFI for instilling money management skills to the group adding it was an eye opener of all of them and they are truly appreciative of the financial money management skills they have acquired.

CEFI Senior Trainer Mr. Sebastian Mugup stated that the training was part of CEFI’s ongoing programme to build financial literacy skills across Papua New Guinea, ensuring that resource-owning communities are equipped to manage income and investments responsibly.

Mr. Mugup added that participants were challenged to apply their new skills to benefit their households, institutions, and communities.

Ends.

Image caption: Representatives from Tabar Island Mineral Holdings of Simberi Mine in New Ireland Province participating in a three-day financial literacy training conducted by the Centre for Excellence in Financial Inclusion (CEFI) in partnership with the Mineral Resources Authority (MRA). The training was held to strengthen financial management skills and knowledge.

The Centre for Excellence in Financial Inclusion (CEFI) completed a five day Training of Trainers (TOT) program for the Department of Treasury’s Labor Mobility Unit at the CEFI office in Port Moresby.

The initiative was part of the Labor Mobility Unit Worker Preparedness Program, aimed at ensuring Papua New Guinean workers heading to Australia and New Zealand are financially equipped to manage their earnings responsibly and sustainably.

Participants included Regional Hub Coordinators from the Highlands, Momase, New Guinea Islands, and Southern/Central regions, as well as three Assistant Directors and other LMU officers from NCD.

Fourteen officers including six      females took part in the training, representing Lae, Mount Hagen, Bougainville, East New Britain, West New Britain, Abau/Central Province, Simbu, and NCD.

On Friday 08^th August, 2025 a mini graduation ceremony was held to certify the 14 officers who sucessfully completed the week long training.

Manager of the Corporate Affairs Department – Bank of Papua New, Mr Jerome Peniasi, congratulated the graduates and noted the importance of financial literacy as a necessity rather than a luxury. He explained that the training focused on two core components: savings      and budgeting with the aim of turning seasonal workers into financial literacy champions capable of turning income into investments and sustainable livelihoods. He underlined LMU’s target of facilitating temporary overseas employment for 8,000 citizens annually by 2025, stressing that financial education was key benefiting families and communities in PNG.

Director of the LMU Ms. Hakaua Harry described the event as an important     step in building staff capacity to better prepare workers heading to seasonal jobs overseas. She credited the World Bank for initiating the programme and emphasized that financial literacy would empower coordinators to train others in budgeting and savings. “We are preparing our people to know how to manage their money before they leave,” she said, adding that this was important for long-term benefits beyond the work contracts.

World Bank representative Mr Thomas Walker commended the participants, highlighting the organization’s commitment to supporting labour mobility initiatives in PNG. Drawing on regional research, he observed that workers’ outcomes vary greatly depending on their preparation. “Some save and build futures; others return with little to show,” he said. He urged graduates to extend their training not only to workers but also to families and communities, reinforcing that saving and money management are important      for resilience and poverty prevention.

Also present to witness the    graduation was CEFI’s Acting Executive Director Mr. Peter Samuel.

Speaking on behalf of the participants, Ms Ellen Morgan described the week as “challenging but fun,” noting that the training provided structured methods to deliver financial literacy sessions not only to workers bound for Australia but also to their families, youths, and women in their communities. She emphasized the role of financial skills in nation-building, adding that families play a critical role in supporting workers to achieve long-term goals.

Mr Stoney Yanopa, LMU Coordinator for Sinaiseo District, Chimbu Province, said the training was personally beneficial, teaching him to budget and prioritise needs over wants. He expressed hope that the knowledge would help returning workers start small businesses and improve their standard of living. Mr Yanopa urged LMU to continue offering such training, describing coordinators as “the eyes and ears” in communities who can deliver financial literacy where it is most needed.

Ms Lynna Joel, Training and Skills Development Manager, thanked CEFI, facilitators, drivers, and LMU leadership for their support. She encouraged graduates to apply their training plans and extend the knowledge to families as well as workers. “You are now equipped with the certificate to go in and train,” she said, urging participants to sustain their commitment.

The TOT program successfully equipped LMU officers with both the technical knowledge and facilitation skills needed to deliver financial literacy training within their regions.

By strengthening the capacity of these coordinators, CEFI and its partners have contributed to ensuring that PNG workers participating in labor mobility schemes are better prepared to make informed and sustainable financial decisions abroad.

Ends.

Image caption: The training brought together participants from the Labour Mobility Unit who engaged in interactive learning activities and practical exercises (pictured). The programme concluded with a mini graduation ceremony where participants proudly received their certificates of participation, marking a significant step towards strengthening financial literacy capacity for Papua New Guineans working abroad.

The Centre for Excellence in Financial Inclusion (CEFI) was invited as a guest speaker and mentor to deliver an in-person information and awareness session at the inaugural Western Pacific University (WPU) Pitch Competition 2025, on Friday 01^st August.

This initiative was part of WPU’s broader goal to integrate sustainable business education and practical entrepreneurial skills for its students under the theme “Eco-Enterprise PNG: Innovative Solutions for a Sustainable Future.”

Mr. Paul Tamate, CEFI Training Officer, who stated that CEFI’s participation was part of the university’s broader goal to integrate sustainable business education with practical entrepreneurial skills. Themed “Eco-Enterprise PNG: Innovative Solutions for a Sustainable Future,”

Participants included 20 students from the CHEFS (Certificate in Higher Education Foundation Studies) and WPU lecturers and faculty members.

According to Mr. Tamate, the session aimed to build awareness on the critical role of financial literacy in fostering innovative and sustainable business development, particularly within eco-enterprise models relevant to Papua New Guinea.

Topics covered included the concept of financial viability, links between financial literacy and the Sustainable Development Goals, examples of financially viable eco-enterprises, and key steps in building them.

Presenters also shared local case studies such as Abus Na Kumu and Global Products Sourcing & Distribution to illustrate successful approaches. Students engaged in two practical activities creating a simple savings plan and drafting a basic budget to reinforce the role of sound financial management in sustainability.

The session also aligned with WPU’s mentoring themes, covering sustainable business model development, market validation, investment readiness, and networking.

According to CEFI, feedback from the event was overwhelmingly positive. Students expressed renewed commitment to saving, interest in investment opportunities, and plans to open personal savings accounts. University staff requested that banks consider installing an ATM or agent banking point on campus to serve both the institution and nearby communities.

CEFI’s engagement at WPU effectively highlighted the relevance of financial literacy to eco-enterprise development and broader sustainable economic growth.

The session strengthened CEFI’s outreach to emerging young entrepreneurs and showcased its role in empowering students with the knowledge and tools to pursue financially sound and sustainable business ventures in PNG.

Ends.

Image caption: Students at Western Pacific University present their group work during the inaugural WPU Pitch Competition 2025. The CEFI was invited as a guest speaker and mentor to deliver an in-person information and awareness session on Friday, 1st August.

The Centre for Excellence in Financial Inclusion (CEFI) successfully delivered a week-long Financial Literacy Training at the K92 Mining site in Kainantu, Eastern Highlands Province, from 7^th to 11^th July 2025.

The training was conducted following a request by K92 management, based at their Brisbane Head Office, who raised concerns about the increasing number of employee staff advance requests. The company identified this trend as a sign of poor personal financial management and sought to address it through targeted education.

Over the course of the week, five separate training batches were held at the China Harbor Engineering Conference facilities within the mine premises. Employees from various departments, including Processing Plant, Health and Safety, Human Resources, Administration, and Engineering, took part in the sessions.

Each daily session focused on practical financial literacy topics such as budgeting, saving, banking plans, income and expense tracking, cash flow management, and the importance of keeping financial records. The sessions were designed to be engaging and directly relevant to the financial realities of the participants.

Participants actively engaged in discussions and activities throughout the sessions. Many expressed appreciation for the training, noting it provided them with a clearer understanding of their spending habits and the importance of planning.

The trainees acknowledged that the workshop served as a much-needed wake-up call and committed to making positive financial changes.

A total of 49 participants including 13 females completed the training across the five batches.

The training was praised as a timely and impactful initiative, equipping K92 employees with essential money management skills.

The participants indicated strong interest in future refresher sessions to reinforce what they had learned and to continue fostering financial responsibility in the workplace.

Ends.

Image Caption: CEFI successfully delivered a week-long Financial Literacy Training at the K92 Mining site in Kainantu, Eastern Highlands Province, from 7 to 11 July 2025. The images show K92 employees actively participating in the training sessions.