The Centre for Excellence in Financial Inclusion (CEFI) and the East Sepik Provincial Administration (ESPA) have formalised a significant partnership aimed at strengthening financial inclusion, expanding access to financial services and building financial capability across East Sepik Province.
The partnership was formalised through the signing of a Memorandum of Understanding (MoU) in Wewak on Thursday, 1 October 2026, providing a framework for CEFI and ESPA to coordinate and implement financial inclusion initiatives throughout the province.
Speaking at the signing, CEFI Acting Executive Director, Mr Peter Samuel, provided a brief background on the establishment of CEFI and the development of financial inclusion efforts in Papua New Guinea.
Mr Samuel said these efforts emerged from the need to address market failures on both the demand and supply sides of financial services, particularly for people at the grassroots level who had limited access to commercial banking products and services.
He said the Microfinance Expansion Project began in 2010 to address these challenges. Financial Literacy Training and Micro-Banks were introduced to strengthen the ability of people to understand and use financial services, while efforts were also made to address gaps in the availability of financial products suited to the needs of grassroots communities.
CEFI was subsequently established in 2013 to continue and coordinate financial inclusion efforts. Mr Samuel said there were about 8,000 bank accounts when these efforts began, compared with about five million today, demonstrating the significant progress made in bringing more Papua New Guineans into the formal financial system and providing greater access to financial products and services.
Mr. Samuel stated that CEFI is guided by the National Financial Inclusion Strategy (NFIS) in implementing its programmes, with partnerships between national and sub-national governments forming an important part of the strategy.
He added that provincial engagements were particularly important because they provided a mechanism for national financial inclusion priorities to be translated into practical programmes that could reach people at the provincial, district and community levels.
The signing of the MoU with ESPA reflects this approach and establishes a formal partnership through which both organisations can jointly advance financial inclusion across East Sepik Province.
Under the agreement, CEFI will provide technical support to establish a Provincial Financial Inclusion Steering Committee and develop a Financial Inclusion Work Plan. It will also support the expansion of financial access points and bank account openings, conduct the Young Mind Savings Campaign, and deliver Financial Literacy and Business Development Services training.
ESPA will establish the Provincial Financial Inclusion Steering Committee and a coordinating desk within its Commerce Division. It will also integrate financial inclusion activities into its annual planning and budgeting processes to support effective and sustainable implementation across the province.
The partnership directly supports the implementation of the National Financial Inclusion Strategy 2023–2027, particularly its objectives of improving access to banking services, promoting savings and budgeting, and supporting socio-economic development.
East Sepik Acting Provincial Administrator, Mr Alphonse Kami, welcomed the partnership and thanked CEFI and Mr Samuel for formalising the relationship with the Provincial Administration.
Mr Kami also acknowledged the East Sepik Provincial Administration’s Division of Commerce for taking the lead in progressing the MoU despite challenges encountered along the way.
He said developing a strong savings culture was particularly important for East Sepik, especially for farmers and rural communities where access to start-up capital and formal financial services remained a challenge.
“Thank you for the savings culture. I think that’s the way forward,” Mr Kami said, noting the Provincial Administration’s support for initiatives that would help communities improve the way they save and manage their money.
Mr Kami also acknowledged the important role of financial institutions and expressed the Provincial Administration’s desire to strengthen partnerships that could improve financial services and economic opportunities for communities.
He highlighted connectivity and reliable power as challenges affecting access to increasingly digital financial services, particularly in rural areas, while noting ongoing efforts to improve telecommunications, power and other infrastructure across the province.
Mr Kami said the MoU provided an important mechanism for CEFI and the Provincial Administration to combine their respective expertise, resources and responsibilities towards achieving shared financial inclusion objectives.
“The way to go now is through the MoU, and work will start,” Mr Kami said.
The MoU provides the foundation for sustained collaboration between CEFI and ESPA, embedding financial inclusion within provincial planning and implementation and creating pathways for more people across East Sepik Province to access financial knowledge, banking services and opportunities to participate in the formal economy.
Ends.
Image 1:
CEFI Acting Executive Director Mr Peter Samuel (left) and East Sepik Provincial Administration Acting Administrator Mr Alphonse Kami sign the Memorandum of Understanding (MoU), formalising the partnership between CEFI and the East Sepik Provincial Administration.
Image 2: CEFI Acting Executive Director Mr Peter Samuel (left) and East Sepik Provincial Administration Acting Administrator Mr Alphonse Kami shake hands following the signing of the MoU, marking the formalisation of the partnership between the two organisations.
Image 3: CEFI Senior Trainer Mr Sebastian Mugup (right) and East Sepik Provincial Administration Executive Manager for the Division of Commerce and Trade, Mr Noel Bapun, sign the MoU as official witnesses to the agreement.
About CEFI
CEFI was established under the Association Incorporation Act and officially launched on the 24th of April 2013. CEFI was endorsed by PNG’s National Executive Council (NEC) as the industry apex organization for coordinating, advocating and monitoring all financial inclusion activities in PNG.
CEFI’s vision, mission and values focus on financial inclusion and literacy, poverty elimination and the promotion of vibrant financial institutional operation in Papua New Guinea.
Visit our website – www.thecefi.org
Media Contact:
Mr. Leslie Omaro
Communication Officer
Phone: 79736883
Email: lomaro@thecefi.org
