CEFI was established under the Association Incorporation Act and officially launched on the 24th April 2013 by the Honourable Prime Minister of Papua New Guinea, Mr. Peter O’Neill. CEFI is 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.
The Centre for Excellence in Financial Inclusion (CEFI) is a non-profit organization that aims to improve financial inclusion in Papua New Guinea (PNG). It was established in 2016 by the Bank of Papua New Guinea, the country’s central bank, in partnership with the Australian Government’s Department of Foreign Affairs and Trade.
CEFI’s mission is to increase financial inclusion in PNG by promoting financial education, supporting the development of financial products and services, and advocating for policies that enable financial inclusion. The organization works with a range of stakeholders, including government agencies, financial institutions, civil society organizations, and the private sector.
Some of CEFI’s key initiatives include:
The National Financial Inclusion Strategy: CEFI works with the government and other stakeholders to develop and implement a national strategy to increase financial inclusion in PNG.
Financial education: CEFI develops and implements financial education programs to help people in PNG improve their financial literacy and make informed decisions about money.
Agent banking: CEFI supports the development of agent banking networks, which allow people in remote areas to access basic financial services through local agents.
Digital financial services: CEFI works to increase access to digital financial services, such as mobile money and electronic payments, in order to expand financial inclusion in PNG.
Overall, CEFI plays an important role in promoting financial inclusion in PNG, which can help to improve the livelihoods of individuals and communities and contribute to the country’s economic development.
Our vision is to eradicate poverty in PNG by promoting financial inclusion that allows all citizens access to affordable financial services. We plan to expand these activities to the Pacific Region.
CEFI’s mission is to promote the provision of quality financial services, develop innovative delivery channels and facilitate financial education. In this way, we will make financial services accessible to all people across Papua New Guinea.
CEFI focuses on three core values to fulfill our mission: Quality, Transparency and Equity (QTE). Our members and team of dedicated professionals uphold these values, enabling us to continue promoting healthy financial inclusion across PNG.