The Young Mind Savings Campaign (YMSC) in East New Britain Province concluded successfully after a three-day programme that engaged secondary and primary school students across three districts, Kokopo, Rabaul and Gazelle.
CEFI’s Acting Executive Director, Mr Peter Samuel, praised the successful conclusion of the YMSC in East New Britain Province, describing it as an important step in equipping young people with financial knowledge.
“The campaign has demonstrated the potential of financial education in shaping the future of our youth,” Mr Samuel said. “By opening their first savings accounts, students have taken a crucial step towards financial independence and responsibility.”
Mr Samuel highlighted the strong participation and enthusiasm shown by students across Kokopo Secondary, Malaguna Technical, St Martin’s Primary, Kerevat National School of Excellence, and Kerevat Primary School. “The eagerness of young people to learn and to act is encouraging,” he said.
He commended the East New Britain Provincial Government, Security Commission of PNG and the Bank of Papua New Guinea, and all financial institutions that partnered in the three-day campaign. “Financial inclusion is a shared mission, and this campaign reflects the impact of collaboration in preparing our next generation for their future,” he said.
Looking ahead, Mr Samuel reaffirmed CEFI’s commitment to expanding the YMSC into other provinces under the National Financial Inclusion Strategy 2023–2027.
“Our way forward is clear we must reach more provinces, strengthen partnerships, and ensure every Papua New Guinean has access to a bank account and be financial included,” he said.
The YMSC was rolled out at Kokopo Secondary School, Malaguna Technical School (St. Martins Primary School students included) and concluded at Kerevat National School of Excellence (Kerevat Primary School students included). Throughout the three days, students interacted with institutions through booths, awareness talks and account opening.
The partners that participated in the campaign included the Securities Commission of PNG, the Treasury Department, Credit Guarantee Corporation, Bank of PNG – Financial Domestic Markets Division, BSP, Kina Bank, Nambawan Super, Nambawan Super Savings & Loans, Nasfund, NCSL, TISA Bank, Kada Poroman, East New Britain Savings and Loan (ENBSL), and MiBank.
Their representatives engaged with students directly, sharing knowledge, demonstrating banking services, and facilitating new account openings.
The three-day campaign from 27th to 29th August, was coordinated by the Centre for Excellence in Financial Inclusion (CEFI) under the National Financial Inclusion Strategy (NFIS) 2023–2027. It was delivered in partnership with the East New Britain Provincial Government, supported by the Bank of Papua New Guinea, Security Commission alongside leading financial institutions.
East New Britain is the third province to host the campaign, following last year’s roll-outs in Milne Bay and West New Britain.
The campaign achieved a strong outcome, with a significant number of students opening savings accounts on site at the respective schools.
Mrs Rosemary Murure, Advisor for Commerce with the East New Britain Provincial Government, reaffirmed the province’s commitment to its partnership with CEFI, formalized through a 2021 Memorandum of Understanding.
“Financial education is important in better preparing students for the future. It is pleasing to witness students engaging with financial institutions and encouraging to know how eager the students are to open their first bank account, and to begin saving early to secure their future.”
Students were asked what they thought of the Young Mind Savings Campaign;
Richard Buckley, Grade 9 – Kokopo Secondary School, “It is a very valuable initiative that empowers young people with knowledge and skills necessary to make informed financial decisions and secure their financial futures.
Grace Laiga, Grade 9 – Kokopo Secondary School, “A really good initiative that will help a lot of young people to save money and also equip them with the skills on how to be financially independent and not depending on their parents’ money.”
Ruth Haro, Grade 11 – Malaguna Technical Secondary School, “A positive initiative aimed at promoting financial literacy and encouraging savings among young people.”
Willie Walo, Grade 10 – Malaguna Technical School, “A great initiative because it focusses on teaching young people how to save their money and also help them in their financial life when they grow up.”
Tamiso Crumba, Grade 7 – Kerevat Primary School, “It is a positive initiative because it teaches young people to start saving for their future.”
Dickson Waselolo, Grade 8 – Kerevat Primary School, “Helps us to understand the idea and concept of savings and why it is important to open a bank account. It also helps us to be financially aware on how to use and manage our money.
Ends.
