Author: Leslie Omaro

Mi Banks’ – MiPortal enhancing accessibility and convenience

Post author By Leslie Omaro
Post date December 9, 2024
No Comments on Mi Banks’ – MiPortal enhancing accessibility and convenience

MiBank recently won the Financial Inclusion Innovation award at the Financial Inclusion Excellence Awards hosted by CEFI on November 22.

MiBank along with Women’s Micro Bank were announced joint winner’s in this category for their respective efforts in introducing new products to improve digital banking service especially in the micro banking sector.

For MiBank their winning entry submission was the ‘MiPortal: Bridging the Gap in Financial Transactions’.

According to their mission statement MiBank is committed to empowering their customers with seamless, secure, and innovative banking solutions. Through MiPortal, they strive to enhance financial accessibility and convenience by providing a comprehensive platform for efficient transactions, fostering financial literacy, and supporting the growth of our community. Their mission is to deliver exceptional service with integrity and transparency, ensuring that every interaction enriches the financial well-being of our customers and drives economic progress.

MiPortal: Bridging the Gap in Financial Transactions

MiPortal is a vital solution that connects businesses and customers through seamless, secure, and efficient transaction processing. By prioritizing user experience and leveraging innovative technology, MiPortal empowers users—from small businesses to individual consumers—to manage their financial interactions with confidence and ease.

More than just a transactional platform, MiPortal serves as a partner in financial success, dedicated to simplifying processes, streamlining operations, and fostering a brighter financial future for all.

MiBank is committed to promoting financial inclusion for underserved communities. Here’s how MiPortal has made a diﬀerence:

Micro Pension Support: MiBank empowers micro pensioners by enabling them to create and transfer voluntary savings to Eda Supa at Nasfund superannuation This initiative helps individuals build financial security for their future.
Consumer Bill Payments: Their platform oﬀers bill payment services for PNG Power Limited customers during an amnesty period. This is particularly beneficial for clients in rural and settlement areas, making it easier for them to manage their finances and stay
Child Nutrition Program Support: In partnership with Department FOR Community Development and Religion (DFCDR) PNG, MiBank’s facilitate the distribution of allowances through a child nutrition program. This initiative alleviates financial pressures on families while supporting the health and well-being of their

Through these targeted services, MiBank is committed to breaking down barriers to financial access and ensuring that everyone can participate in the financial system.

Features of MiPortal

Customer Registration and Account Management
- Secure account validation and access controls
Data Import and Export Capabilities
- Easy import/export of customer and transaction data
- Integration with existing client systems
  - Customized Alerts and Notifications
    - Real-time alerts for transactions, payments, and account activities
    - Tailored notifications based on client preferences
  - Comprehensive Reporting Tools
    - Customizable reports on transactions, payments, and account activities
  - Intuitive Dashboard
    - User-friendly interface with real-time data overview
    - Visual summaries of transactions, payments, and account balances
  - Payment Processing and Tracking
    - Secure processing of various types of transactions
    - Real-time tracking tools for payment status
  - Multi-Channel Fund Transfer Capabilities
    - Supports fund transfers, bill payments, airtime, and contributions
    - Enables payments to and from corporate accounts
  - Secure Transaction Management
    - Encryption and fraud detection measures
    - Ensures data and financial asset protection
  - Client-Specific Customization
    - Tailored functionalities for diﬀerent industries
    - Supports specific workﬂows (E.g. utility bill payments, superannuation contributions)
  - Advanced User Access Controls
    - Flexible user management for diﬀerent organizational roles User Access Control Points
  MiPortal can be accessed from any devise – Smart phones/ Tablets / Desktops Competitive Advantages of Our Corporate Banking Portal
  - Specific Solution/ Flexibility and Customization
    - Tailored features for superannuation funds and utility
    - Enables direct customer payments and efficient handling of
    - Adapts to diverse industry
  - All-in-One Platform
    - Combines multiple functionalities (fund transfers, bill payments, data management) in one
  - Compatibility
    - Reduces administrative burden and operational costs, demonstrates increased efficiency
  - First-Mover Advantage
    - The only portal with these specialized features in the
    - Positions us as an innovator and leader in digital banking
  Customer Testimonials and Success Stories
  
  In Partnership with PNG Power Limited (PPL) using MiPortal, has had an impact on customers making payments and registering real time. Customer does not have to wait for PPL to register to make payments. Through MiPortal, PPL customers are given their Customer Consumer Number instantly which is used to purchase or make payments through MiBank Mobile Banking.
  
  Image Captions

Impact Stories

Award highlight of Lilly’s advocacy work for Financial Inclusion

Post author By Leslie Omaro
Post date December 9, 2024
No Comments on Award highlight of Lilly’s advocacy work for Financial Inclusion

Financial Inclusion Advocate winner Ms. Lilly Namunu was lost for words when she was announced the winner at the inaugural Excellence Awards hosted by CEFI on November 22, 2024.

“Honestly, I was speechless and shared tears of joy when it was announced. All the love and positivity generated from my pain experience, to advocate for financial Inclusion has been rewarded,” said Lilly when recalling the moment her name was called out as the winner.

Ms. Numunu is the principle owner of Shualink PNG Limited, a company she registered in 2023 which focuses on Entrepreneurship and Financial Literacy Training.

She has diploma in accounting, a National Certificate III in Training and Assessment and a Certificate in Entrepreneurship and New Venture Creation from the University Of Sunshine Coast in Australia.

“I have been in a tailoring business for eight years. I started facilitating sewing trainings for women and youths in the rural communities in 2020.”

“In 2021, when I attended CEFI’s Training of Trainers training, I decide to venture into training as managing money was an important knowledge that needs to be taught. It also added value to the sewing skills training I was conducting,” she said.

The passion and commitment shown by Lilly to advocate for financial inclusion in her community and teach her people how to save and budget their money comes from her own experience of been single mother and the challenged she faced to raise her children in tough financial situations.

“My motivation to get into training was from my experiences and challenges as a single mother. I diverted the hurts and lessons learned to encouraging other women to also work towards being financially independent through the Financial Literacy trainings.”

“If I can be able to manage, the little I have, this will help me to cater for my kids and loved ones,” said the 44 year old from Milne Bay province

“On the night of the Award, I was reminded of people I visited and assisted in the remote areas. To the women who have a similar experience I have, we have the power to change a situation around to a beautiful story to tell.

“This award is a highlight of my Advocacy work, thank you CEFI,” said Lilly proudly.

Below five of Lilly’s significant milestone achieved through her financial inclusion advocacy work since 2023.

No.	Year	Milestone Achieved	Outcome
1	2024	Reached out to women in Garaina and Wau with Financial Literacy Training in June	-200 participants attended the training (women, men and youths including participants with no literacy level. – 69 MiBank personal accounts were opened Solar lightening purchased from Solar Paygo
2	2024	We organized for Coconuts farmers from Kiriwina to open bank accounts	-20 farmers were assisted to open MiBank accounts for the first time. There were issued bank cards and taught how to use SMS Banking services.
3	2024	Awareness and promotions made to the communities to purchase quality Solar lightening through MiBank’s loan product	-10 solar lighting sets were purchased by the Wards counsellor and presented to 10 churches.
4	2023	Made awareness at the Huhu main market in Alotau for vendors to open bank accounts	-20 plus vendors were assisted to open bank accounts by our MiBank Agents
5	2023	We facilitated Financial Literacy training for MSMEs in Alotau town – (2 trainings).

Image Captions:

Impact Stories

The training pathway that set up Nellie’s business

Post author By Leslie Omaro
Post date December 9, 2024
No Comments on The training pathway that set up Nellie’s business

Woman entrepreneur Nellie Allen is thankful to CEFI’s Training of Trainer’s training for providing her the opportunity to explore and implement new ideas that revived her business.

“My business was shelved for about three years until I heard about CEFI’s ToT training, and I wanted to find out if the training can help with some new ideas on how to revive my consulting business again.

“I was looking for a niche market and sure enough, the additional online trainings facilitated by CEFI really “hit the nail on the head” for me. The trainings on E- Commerce and Business Planning gave me a new insight into how I can operate my business,” revealed Nellie.

Nellie learnt about CEFI’s training of trainer training via social media and from talking with her close peers and before long she attended three of training’s which included, Digital Financial Literacy, E-Commerce and Business Planning and Debt Management.

As the principal owner, she run’s a virtual office from home at Waigani in Port Moresby and uses the skills and knowledge acquired from CEFI’s training to operate her business.

“I registered my consulting business in 2019 but have not been focusing on it because I developed the interest in sewing and also, I got a full-time job.

“At the beginning of 2023, I decided to focus on my consulting business. The online trainings that CEFI facilitated was a boost for me and dream come true. The trainings set me on a new pathway especially on E-commerce and Business Planning.

“Am currently running the business myself and I have two consultants whom I engage as and when I have jobs for them. Due to financial constrain, I do not want a normal office set-up. I operate a virtual office and outsource jobs as and when I need to.”

Twenty 24 years ago Nellie registered two business, one in sewing called Swiftly Dress and one in selling known as Swift Consulting Services and decided that apart from sewing and selling, she should teach women how to sew and make an additional income stream.

“For Swiftly Dress, I sew and sell meri blouses and selling other clothes and accessories which I order online from overseas and locally as well.”

“After attending the CEFI TOT training on Financial Literacy, I decided to develop a training package which comprised of sewing meri blouse, basic bookkeeping, pricing the product, savings and budgeting.”

“My training package has attracted a lot of interests because it is new in the market. With my professional background as an Accountant, it is very easy for me to deliver this training. I do not operate a physical shop, but I have a business Facebook page that I use to advertise and sell my products.”

“With Swift Consulting Services, I have s igned up with Xero Accounting Software as a Business Advisor/Partner and I have registered with Business Link Pacific (BLP) as a Business Advisor.

I am currently doing the Competency Test to complete the formalities in order to be published on the website. I provide accounting and taxation services, auditing and administration services and also training.”

Image Captions:

News Article

Second Financial Education Workshop gets underway to create new and engaging Financial Education Teacher’s Resource Books, Student’s Activity Books, and Financial Education Syllabus for Grades 7 to 12.

This week, the second Financial Education Content Alignment and Development Workshop started with 26 passionate content writers coming together to work on a project that will make a real difference in the lives of students across Papua New Guinea. The group included curriculum officers, textbook writers, illustrators, from the Department of Education, dedicated secondary school teachers and CEFI staff. The objective of the workshop is to create new and engaging Financial Education Teacher’s Resource Books, Student’s Activity Books, and Financial Education Syllabus for Grades 7 to 12.

Building on the success of the first workshop held in October, where 21 books for preparatory to Grade 6 were developed, this second phase focuses on creating 13 Teacher’s Resource Books, 13 Student’s Activity Books, and 13 syllabuses for Grades 7 to 12. This marks a significant step forward in equipping young students with essential personal financial management skills that they will need to thrive in the future.

On Monday, November 22nd, CEFI’s Deputy Executive Director, Mr. Peter Samuel, warmly welcomed everyone to the two-week workshop, held at Dixie’s Bungalow Resort in Central Province.

The first two days were all about gathering knowledge, as CEFI invited key partners from the financial inclusion space to share their expertise on different topics. These presentations covered essential topics like insurance, superannuation, investments, micro-pension, payments, monetary policy, digital financial services, and banking services, all of these topics are the critical areas for the new curriculum development. The goal was to equip the content writers with the best industry knowledge and practices to ensure the 39 materials they create meet the highest standards.

Guest speakers brought a wealth of insights:

Wycliffe Ngwabe, Country Lead, United Nations Capital Development Fund (UNCDF) presented on “Practical and application aspect of insurance, eg. types of insurance, principles of insurance, importance of insurance, etc’’.
Nilson Singh, Country Manager, BSP Life PNG Limited, presented on ‘’Insurance in PNG and a case study from BSP Life PNG Products’’.
Debbie Oli, Chief Finance Officer, NASFUND, presented on ‘’ Superannuation in PNG and a case study from NASFUND’’.
Solomon Awili-PhD (Fin)(Flinders), Public Interest Non-Executive Director, PNGX Board and Senior Lecture, Banking & Finance, SBA, UPNG, presented on’’ The role and significance of stock exchange in PNG’’.
Velai Velai, Manager, SWITCH Operation & Support Unit, Payment Systems Department, Bank of Papua New Guinea, presented on ‘’ The role and function of payment system in the banking and finance industry’’.
James Sali, Economics Department, Monetary & Economic Policy Group, Bank of Papua New Guinea, presented on ‘’ Monetary policy’’.
Gautam Bhardwaj, pinBox Solutions Pte. Limited, presented on Micro-pension and voluntary superannuation contributions’’.
Jackson Tasi, MiBank, presented on ‘’ MiBank’s digital financial products and services’’.
Finally, Mr. Saliya Ranasinghe, Executive Director, CEFI, presented on ‘’Baking services and the new trend immerging in PNG’’.

The main outcome of the Financial Education Content Writer’s workshop is to develop all the resource topics mentioned above as Financial Education contents for Grades 7 to 12, resulting in the production of 18 books over a two-week period.

Photos from Week 1 of the workshop.

Media Releases

Bank of Papua New Guinea and the Centre for Excellence in Financial Inclusion successfully host inaugural Financial Inclusion Policy Forum and Excellence Awards.

The Bank of Papua New Guinea (BPNG) and the Centre for Excellence in Financial Inclusion (CEFI) successfully hosted its inaugural Financial Inclusion Policy Forum and Excellence Awards on Friday November 22 at the APEC Haus in Port Moresby.

Speakers at the forum included Governor of the Bank of Papua New Guinea (BPNG) Ms. Elizabeth Genia, BPNG Assistant Governor, Financial System and Stability Group, Mr. George Awap, CEFI Executive Director Mr, Saliya Ranasinghe, Alliance for Financial Inclusion (AFI) Director of Policy Programs and Implementation, Dr. Eliki Bolewata, Asian Development Bank Country Director Mr. Said Zaidansyah and Deputy Secretary of the National Planning and Monitoring Department Mr. Michael Kumung.

Other speakers included representatives from international development partners, PNG government departments heads and senior officials, partner financial institutions, members of NGOs and other stakeholders.

Governor of the Bank of Papua New Guinea Ms. Elizabeth Genia, who is also chair of CEFI’s Board, in her opening keynote address at the forum stated that the inaugural financial inclusion policy forum marked a significant step in the country’s journey towards building an inclusive, resilient and equitable financial system for all Papua New Guineans.

“The forum is not just an opportunity to discuss theoretical causes and effects. Yes it is of real value to learn from the past achievements and to set future goals.”

“Today is also a wonderful opportunity to exchange ideas, to share best practices, to network and forge new alliances, however we must remember, first and foremost, that we are talking about real people.”

“Financial Inclusion is not just about numbers. It’s about real lives. Real families. Real communities. It’s about empowering a mother to save her child’s education. It’s about enabling a farmer to invest in better tools. It’s about providing a way for small business owner to expand their operations.”

“Our responsibility is to ensure every Papua New Guinea has the opportunity to participate in and contribute towards and benefit from the nation’s growing economy,” stated the Governor.

Alliance for Financial Inclusion Director of Policy Programs and Implementation, Dr. Eliki Bolewata, thanked BPNG’s support to AFI’s network over the last 15 years.

“We appreciate the Bank’s contribution greatly and I look forward to our continued collaboration,” stated Dr. Bolewata.

Dr. Bolewata also stated that AFI was pleased to support PNG in developing ground breaking inclusive green finance policy which was launched in 2023.

“Now we stand ready to support the work of the Green Finance Centre which is bringing that policy to life. We have already learned a lot from Papua New Guinea’s inclusive approach to greening its financial system, and we look forward to following the next stage of the journey,” Dr. Blewata added.

Further the forum break up for panel discussion, the panels was made up of field experts, who shared skills and knowledge on range of topics, the Technology Innovation, Green Finance, Inclusive Gender Finance to decentralized approach for Financial Inclusion – Provincial Government Engagement as well as the progress of the PNG’s Financial Inclusion Strategy 2023-2027.

The forum concluded with the Excellence Awards ceremony celebrating achievements in seven categories, Financial Inclusion and Deepening Award, Financial Innovation Award, the Inclusive Green Finance Award, Financial Inclusion Media Contribution Award, Financial Inclusion Advocate Award, and the Provincial Engagement Award.

Winners from each categories were judged by a panel of independent judges from the University of Papua New Guinea, PNG National Research University, IBS University and the Bank of Papua New Guinea.

Micro banks, MiBank and Women’s Micro Bank were recognized for their outstanding achievements in the field of financial innovation, Bank South Pacific was awarded the Financial Inclusion and Deepening Award while ANZ took out the Inclusive Green Finance Award and locally owned newspaper company Sunday Bulletin was awarded the Financial Inclusion Media Contribution Award.

Provincial governments from Milne Bay and West New Britain were joint winners of the Provincial Government Engagement Award and the Financial Inclusion Advocate Award winner was Lilly Namuru – Shualink PNG Limited, Milne Bay Province.

The Bank of Papua New Guinea and CEFI have partnered to provide sponsorship for the Financial Inclusion and Deepening Award, the Financial Innovation Award, and the Inclusive Green Finance Award.

The winners of these three awards will be sponsored to attend and participate in the Alliance for Financial Inclusion Global Policy Forum in Namibia in 2025.

“This valuable sponsorship will give the winners the opportunity to meet, network, learn from and share ideas with financial inclusion participants in other countries. We also anticipate that such sponsorship opportunities will provide a strong incentive into the future for other local financial institutions to adopt and model best practices, as well as to drive financial inclusion activities in Papua New Guinea,” the BPNG Governor stated during her congratulatory remarks to the award winners.

“You are actually our outstanding ambassadors and the true champions for financial inclusion principles and practices, and are true champions for Papua New Guineans who are yet to have fair and reasonable access to financial services,” said Ms. Genia told the award recipients.

The Governor concluded by thanking CEFI for organizing and hosting the inspiring policy forum and excellence awards.

Ends.

For further information on the work of CEFI please contact CEFI Communications Team: +675 3225300, email: lomaro@thecefi.org or visit www.thecefi.org

Image Captions:

Image 1. Mr. George Awap, Assistant Governor, FSSG, Bank of Papua New Guinea.

Image 2. Ms. Elizabeth Genia, Governor, Bank of Papua New Guinea.

Image 3. Mr. Micheal Kumung, Deputy Secretary, Department of National Planning & Monitoring.

Image 4. Dr. Eliki Bolewata, Director of Policy Programs & Implementation, Alliance for Financial Inclusion.

Image 5. Dr. Said Zaidanysah, Country Director, Asian Development Bank.

Image 6. Conference Photo.

Image 7. MiBank – Winner of Financial Inclusion Innovation Award.

Image 8. Womens Micro Bank – Winner of Financial Inclusion Innovation Award.

Image 9. Sunday Bulletin – Winner of Financial Inclusion Media Contribution Award.

Image 10. Bank South Pacific – Winner of Financial Inclusion & Deepening Award.

Image 11. Milne Bay Provincial Government – Winner Provincial Engagement Award.

Image 12. West New Britain Provincial Government – Winner Provincial Engagement award.

Image 13. Lilly Namuru – Shualink PNG Limited – Winner Financial Inclusion Advocate Award

News Article

CEFI-BBFI establish partnership through MoU to roll out financial literacy to unbanked population in the Autonomous Region of Bougainville

The Centre for Excellence in Financial Inclusion (CEFI) and the Build Bougainville Foundation Incorporated (BBFI) signed a Memorandum of Understanding (MoU) which will see both organizations establishing a partnership to roll out Financial Literacy Training in areas where BBFI is engaged and are concerned with creating financial inclusion.

The signing of the MoU on November 12 signifies an important mile stone for the foundation to reach out to its unbanked population with financial literacy education.

According to the foundation’s Chairman and CEO Mr. Romano Vandenberg, 98% of the Bougainville population are rural farmers, who need the financial literacy programme to enhance their financial lives.

Mr. Vandenberg stated that an agriculture economic boom in the autonomous region has triggered the need for his people to be educated on how to look after all their income generated through this farming practices.

“I’m happy that we have signed this MoU with CEFI to train Bougainvilleans. The financial literacy programme will also benefit our SMEs,” he added.

The MoU will enable the financial literacy trainings to be conducted in communities, schools and Women Associations Groups in Buka, where BBFI is currently engaged and support will be given to boost financial inclusion activities within the region.

Executive Director Mr. Saliya Ranasinghe stated that CEFI looked forward to working with BBFI during the three years to implement the activities outlined in the MoU.

“We are looking forward to working with BBFI to bring this important change to the lives of Bougainvilleans and to give them an opportunity to prosper. This is the starting point where we can impart this knowledge on financial well-being with the people of Bougainville & see how the positive impact it will have on the people,” Mr. Ranasinghe said.

Deputy Executive Director Mr. Peter Samuel in his closing remarks stated that much of what CEFI and BBFI will be doing is complementing the existing financial institutions that are operating in the region.

“The access is there but the usage will be a problem, and that’s where the training will come to enable our people to start using the financial services to empower themselves,” Mr. Samuel said.

“The financial literacy programs will enable them to have a mindset change, and that’s what we want. This partnership is critical that we start to change mindset in how they use their money, how they spend their money, and how to budget their money,” Mr. Samuel added.

Ends.

For further information on the work of CEFI please contact CEFI Communications Team: +675 3225300, email: lomaro@thecefi.org or visit www.thecefi.org

Ends.

Captions:

Image 1:

CEFI Executive Mr. Saliya Ranasinghe and BBFI Chairman and CEO Mr. Romano Vandenberg shake hands to confirm both organization’s commitment to work together in partnership to roll out financial inclusion in the autonomous region of Bougainville.

Image 2:

CEFI Executive Mr. Saliya Ranasinghe and BBFI Chairman and CEO Mr. Romano Vandenberg sign the MoU documents at the CEFI Office in Port Moresby.

Image 3:

CEFI Deputy Executive Director Mr. Peter Samuel signing the MoU as a witness.

Image 4:

PNG Sports Foundation CEO Mr. Micah James signing the MoU as a witness.

Image 5:

CEFI Executive Mr. Saliya Ranasinghe and BBFI Chairman and CEO Mr. Romano Vandenberg briefly discussing the details of the MoU before the signing of the documents.

Image 6:

CEFI Executive Mr. Saliya Ranasinghe and BBFI Chairman and CEO Mr. Romano Vandenberg briefly discussing the details of the MoU before the signing of the documents.

Image 7:

CEFI Executive Mr. Saliya Ranasinghe and BBFI Chairman and CEO Mr. Romano Vandenberg sign the MoU documents at the CEFI Office in Port Moresby.

Image 8:

CEFI, BBFI, and PNG Sports Foundation staff pose for a group photo following the MoU signing.

Image 9:

CEFI Deputy Executive Director Mr. Peter Samuel speaking with BBFI Chairman and CEO Mr. Romano Vandenberg.

News Article

Foundation to deliver first financial literacy training in Wabag, Enga province

Post author By Leslie Omaro
Post date November 15, 2024
No Comments on Foundation to deliver first financial literacy training in Wabag, Enga province

The Regina Sagu Foundation (RSF) will deliver its first financial literacy training in Wabag, Enga province next month following four of its staff successfully completing a Training of Trainers Training in Port Moresby recently.

The group were among 29 trainees including 19 women who were certified by CEFI after completing a five day Financial Literacy (FL) ToT training from November 04-08.

The four RSF team members are foundation president Mrs. Grace Barton Ma’ai, vice president Ms. Rosemary Koimbo and two employees Rhoda Kore and Tommy Aiyok.

The training is a part of a MoU the foundation signed with CEFI in October this year which will enable RSF to deliver financial literacy training to women SME’s in Enga province, other Centres of PNG and in the National Capital District.

A proud vice president Ms.Rosemary Koimbo acknowledged the partnership stating that the foundation will work together with CEFI in achieving the national goal that is to convert 2 million unbanked, low income Papua New Guineans to have bank accounts with females making up half of that number.

“We have an active role to play towards achieving that goal by delivering financial literacy to the rural mothers and the rest of the unbanked population,” Ms. Rosemary Koimbo encouraged the trainers.

Foundation president Mrs. Grace Barton Ma’ai challenged the participants to go back and empower their people to use money wisely by having a savings plan and goal to alleviate poverty in the long run.

The main objective of the FL ToT training was to equip and empower employees, partners, stakeholders, SME and individuals attached with RSF the training techniques and personal money management skills so they can be able to transfer the skills and knowledge to others.

CEFI Executive Director Mr. Saliya Ranasinghe stated that as certified trainers they had a responsibility to educate their community on savings and budgeting in order to improve their way of life.

“You are going to be agents of change and role models to your own community. Take this knowledge of financial literacy education to your people and impact their lives so they will have a better standard of living,” Mr. Ranasinghe said.

The five-day Training of Trainers course in financial literacy successfully equipped 29 participants with advanced skills in delivering fundamental concepts and principles of savings and budgeting, particularly within a household context.

This intensive program, culminating on Friday the 08th November, 2024, with a formal graduation, will empower these individuals with a certification that enables them to effectively train others within their respective organizations or communities.

This milestone not only signifies their personal achievement but also marks the beginning of their pivotal role in fostering financial literacy and empowering households to achieve better financial stability.

Ends.

For further information on the work of CEFI please contact CEFI Communications Team: +675 3225300, email: lomaro@thecefi.org or visit www.thecefi.org

Captions:

Image 1:

Group photo of ToT trainees with CEFI and RSF staff and management following the brief presentation ceremony.

Image 2:

Foundation president Mrs. Grace Barton Ma’ai presenting Mr. Bernard Panzu his certificate. Mr. Panzu a graduate accountant and currently study for his second degree at Divine Word University, travelled in from Madang to attend the five day ToT training.

Image 3:

CEFI Executive Director Mr. Saliya Ranasinghe presenting Ms. Faith Barton, Principle Emunah Legal, her certificate after successfully completing the five day ToT Training.

Image 4:

Foundation President Mrs. Grace Barton Ma’ai presenting Mr. Jason Lyambi, a Lawyer with Emunah Legal, his certificate.

Image 5:

CEFI Executive Director Mr. Saliya Ranasinghe presenting Ms. Doreen Amani, self-employed manager of DOT Cleaning, her certificate after she successfully completed the five day ToT training.

Image 6:

RSF Vice-President Ms. Rosemary Koimbo, speaking to the ToT trainees at the closing of the five day ToT training.

Image 7:

RSF Vice-President Ms. Rosemary Koimbo.

Image 8:

RSF President Ms. Grace Barton Ma’ai.

Image 9:

CEFI Executive Director Mr. Saliya Ranasinghe.

News Article

CEFI-PinBox collaborate for digital micro-pension inclusion in PNG

Post author By Leslie Omaro
Post date November 8, 2024
No Comments on CEFI-PinBox collaborate for digital micro-pension inclusion in PNG

PinBox, a global social pensionTech and digital micro-pension inclusion innovation, administration and expert advisory services firm, will work in collaboration with CEFI in promoting mass scale voluntary subscription in micro pension and insurance products in Papua New Guinea. pinBox is already working in over half-dozen countries in Asia and Africa to support pension inclusion for non-salaried informal sector workers.

This partnership signed through a Memorandum of Understanding (MoU) between both organisations will run for three years where both parties will work together to promote the products through guidelines set out in the MoU.

The Bank of Papua New Guinea (BPNG) recently granted pinBox entry into the BPNG Regulatory Sandbox to customize and pilot test its innovative digital-micro-pension administration and delivery platform and inclusion model to help expand voluntary uptake of superannuation, insurance and micro-savings products among MSMEs, self-employed women, informal sector workers and farm communities.

pinBox is accordingly working with BPNG, Nasfund, ASFPNG, development partners, micro-banks, payment gateways and other digital financial inclusion stakeholders under the Project to promote micro-pension and insurance concepts and products.

At a brief but very significant signing ceremony, both organizational heads expressed their excitement in working together to introduce superannuation and insurance awareness and knowledge to the self0employed population of the country.

“The pinBox team is delighted to be partnering with a highly respected and forward looking institution like CEFI on expanding superannuation and insurance coverage among self-employed women, youth and micro-enterprises in Papua New Guinea,” said pinBox Solutions co-Founder and director Gautam Bhardwaj. “It is a privilege to be working with an agency that has continued to play such a pivotal role in financial inclusion and in driving not only policy but also ground level impact in this area in PNG,” added Mr. Bhardwaj.

In response, CEFI Executive Director Mr. Saliya Ranasinghe stated that this was a very important programme that both organisations will be venturing into because they will educate the informal sector workforce on micro-pension and insurance products through effective communication, training, financial literacy tools and strategies.

“We are delighted to partner with pinBox and to get this important strategy into the mainstream of Papua New Guinean informal sector”, said Mr. Ranasinghe. “We will be working in two provinces to start with on a pilot basis, and then, based on the lessons learned, we will be expanding the field-tested model and strategy to other provinces where informal sector workers and their families will benefit and will start saving for their retirement” Mr. Ranasinghe added.

One of the joint obligations of both CEFI and pinBox is to customize the pinBox retirement literacy and training toolkits for PNG for deployment under this project. The toolkits include calculators, FAQs, trainer handbooks, leaflets, flipcharts and educational videos. Both organisations will also design new, effective promotional and publicity materials as well as other training and financial literacy tools for use by field staff during field-meetings with target beneficiaries.

Visit www.pinboxsolutions.com to find out more about pinBox Solutions.

For further information on the work of CEFI please contact CEFI Communications Team: +675 3225300, email: lomaro@thecefi.org or visit www.thecefi.org

Ends.

Captions:

Image 1: CEFI Executive Director Mr. Saliya Ranasinghe (right) and PinBox Co-Founder and Director Mr. Gautam Bhardwaj discuss the details of the partnership during the MoU signing at on Tuesday 05^th November at the CEFI Office.

Image 2: CEFI Executive Director Mr. Saliya Ranasinghe (right) and PinBox Co-Founder and Director Mr. Gautam Bhardwaj sign the MoU at the CEFI Office, Tuesday 05^th November, 2024.

Image 3: CEFI Executive Director Mr. Saliya Ranasinghe (right) and PinBox Co-Founder and Director Mr. Gautam Bhardwaj shake hands following the MoU signing CEFI Executive Director Mr. Saliya Ranasinghe (right) and PinBox Co-Founder and Director Mr. Gautam Bhardwaj.

Media Releases

CEFI and the Department of Education create history by successfully developing the first ever Financial Education Teachers Resource Books and Student’s Activity Books to use in schools

A two week workshop concluded successfully with the development of the first ever Financial Education, Teachers Resources Books and Student’s Activity Books for preparatory to Grade six.

The history making progress will integrate financial education into Papua New Guinea’s standard-based curriculum, with 48 selected pilot schools across the country’s four regions set to test the materials commencing in 2025.

The significant occasion saw the presentation of the 21 books developed, 7 financial education syllabus, 7 teachers resources books and 7 student activity books, written by officers from the Curriculum Development Division (CDD) of the Department of Education (DoE), primary school teachers and CEFI’s Financial Inclusion and Capacity Development Unit.

In recognition of their outstanding efforts, the 25 workshop content writers were awarded certificates for their exceptional work in completing the syllabus, teacher resource books, and student activity books on Friday, November 1, 2024, at the Tuhava Resort in Central Province.

Present to witness the important event were Mr. Alex Magun, First Assistant Secretary, Graphics and Design – DoE; Mr. Sanjay Pepae, Acting First Assistant Secretary, Department of National Planning and Monitoring; CEFI Executive Director Mr. Saliya Ranasinghe and Deputy Executive Director Mr. Peter Samuel, along with staff from both the DoE and CEFI.

Mr. Alex Magun, in his opening remarks emphasized the importance of implementing financial education curriculum in schools to instill in the students the knowledge to become proficient in utilizing money.

“It is a perfect time to integrate financial education into our curriculum, ensuring that our young generation becomes fully knowledgeable about managing and spending money. In simple terms, financial education means understanding how to handle money wisely, he added, “We are adopting a new approach and working to make financial education compulsory for all students.”

According to Mr. Magun, the 21 books developed will go through a curriculum validating process board of studies beforehand approved for printing and distribution to 48 schools in the country.

In reaffirming the Mr. Magun’s comments CEFI Executive Director Mr. Saliya Ranasinghe stated that 48 schools in the four regions of PNG have been selected as pilot schools for the financial education school project to be tested.

Mr. Ranasinghe explained, “The pilot phase will last for two years, during which we will observe how the children respond. We’ll review the material and determine if any improvements are necessary.” “A very important endeavor as this is the foundation to empower the students to make informed decisions in all their economial activities in the future,” he added.

Mr. Sanjay Pepae, Acting First Assistant Secretary, Department of National Planning and Monitoring commended the tremendous effort and hard work put in by DoE, CDD Officers and teachers led by Ms. Celine Vavetaovi, Assistant Secretary Business and Technology Branch, CDD – DoE and Ms. Jill Pijui, Manager, Financial Inclusion and Capacity Development Unit- CEFI.

“This workshop is very strategic and pragmatic, the production of 21 FE materials in two weeks, is a testament of its own,” stated Mr. Pepae. He further congratulated CEFI and DoE for the milestone achieve.

Mr. Pepae emphasises, “The strategic collaboration between CEFI and the Department of Education to implement this financial education project within the curriculum from prep to grade six and from grade seven to grade 12 is an impressive initiative.”

Commenting on the impact for future generations CEFI Deputy Executive Director Mr. Peter Samuel, stated that financially literate individuals are more likely to save, invest wisely, and make decisions that benefit not only themselves but also those around them.

“By equipping students with the skills and knowledge, we are not only preparing them for personal success but also contributing to the overall economic health of our communities and our nation,” Mr Samuel said.

Ends.

Back Ground Information

A Two-week Financial Education Content Alignment and Development Workshop was held at Tuhava Resort in Central Province, from October 21st to November 1st, 2024.

The workshop focused on creating Teacher Resource Books and Student Activity Books for students in Preparatory to Grade 6.

The workshop was funded by the Centre for Excellence in Financial Inclusion (CEFI) and facilitated in collaboration with the Department of Education (DOE)- Curriculum Development Division (CDD).

A total of 25 participants from diverse educational backgrounds, including primary school teachers, DOE-CDD curriculum officers, and CEFI staff, attended the workshop. Their combined expertise will help ensure the developed materials are both comprehensive and applicable in real classroom settings.

This workshop is a crucial step in integrating financial education into the national curriculum. Participants will engage in content writing and discussions to create high-quality educational resources that cover important financial topics like savings, budgeting, banking services, debt management, investments, and insurance. These resources aim to promote informed decision-making and improve students’ financial awareness from an early age.

The workshop also aims to align financial education content with the existing syllabus for various grades:

Prep to Grade 2: Culture and Community
Grades 3-5: Social Science
Grades 6-8: Making a Living
Grades 9-12: Business Studies

A follow-up workshop will be held before the year ends to develop resources for Grades 7-12, focusing on advanced topics like investment, superannuation, and retirement.

The expected outcome of the workshop is the creation of 14 essential educational resources, 7 Teacher Resource Books and 7 Student Activity Books, to support financial education for Prep to Grade 6. This aligns with the national government’s priorities:

Vision 2050: Emphasizes financial literacy and wealth creation.
PNG Strategic Development Plan 2030: Focuses on inclusive education and financial literacy.
National Education Plan (NEP): Highlights the need for a curriculum that meets local needs and imparts technical skills.
Financial Sector Development Strategy: Stresses the need for a financially literate society.
National Financial Inclusion Policy: Calls for financial inclusion to be integrated into the national curriculum.

Ends.

Image Captions:

Image 1. Group Photo of workshop participants together with CEFI Management, Assistant Secretaries from the Department of Education and Department of National Planning.

Image 2. Photo showing Mr. Sanjay Pepae, Acting First Assistant Secretary Department of National Planning presenting a workshop participant his certificate.

Image 3. Photo showing CEFI Deputy Executive Director Peter Samuel presenting a female participant her certificate during the workshop closing at Tuhava Resort, Central Province on Friday 01st November 2024. Looking on his Mr. Alex Magun, First Assistant Secretary Department of Education

Image 4: Staff from the Curriculum Development Division, who also participated in the two week workshop.

Image 5: Student Activity Books written by the workshop participants on display during the closing of the workshop.

For further information on the work of CEFI please contact CEFI Communications Team: +675 3225300, email: lomaro@thecefi.org or visit www.thecefi.org

Media Releases

A two week workshop on Financial Education aims to develop a resource material that will enhance student’s financial awareness from an early age.

A Two-week Financial Education Content Alignment and Development Workshop is being held at Tuhava Resort, outside Port Moresby, from October 21st to November 1st, 2024.

The workshop focuses on creating Teacher Resource Books and Student Activity Books for students in Preparatory to Grade 6.

It is funded by the Centre for Excellence in Financial Inclusion (CEFI) and facilitated in collaboration with the Department of Education (DOE)- Curriculum Development Division (CDD).

The workshop was officially opened by First Assistant Secretary – Curriculum Development Division, Mr. Steven Tandale, and witnessed by CEFI’s Executive Director, Mr. Saliya Ranasinghe, and Deputy Director, Mr. Peter Samuel.

The workshop also aims to align financial education content with the existing syllabus for various grades:

Prep to Grade 2: Culture and Community
Grades 3-5: Social Science
Grades 6-8: Making a Living
Grades 9-12: Business Studies

A follow-up workshop will be held before the year ends to develop resources for Grades 7-12, focusing on advanced topics like investment, superannuation, and retirement.

The expected outcome of the workshop is the creation of 14 essential educational resources;7 Teacher Resource Books and 7 Student Activity Books, to support financial education for Prep to Grade 6. This aligns with the national government’s priorities:

Vision 2050: Emphasizes financial literacy and wealth creation.
PNG Strategic Development Plan 2030: Focuses on inclusive education and financial literacy.
National Education Plan (NEP): Highlights the need for a curriculum that meets local needs and imparts technical skills.
Financial Sector Development Strategy: Stresses the need for a financially literate society.
National Financial Inclusion Policy: Calls for financial inclusion to be integrated into the national curriculum.

Since 2021, following a Memorandum of Understanding (MoU) Mr. Tandale acknowledged that while plans for developing financial education curriculum had been discussed for years, significant progress has been made since the partnership with CEFI began.

CEFI Executive Director, Mr. Saliya Ranasinghe, reminded participants that it is now mandatory for all Papua New Guinea students to undergo financial education in schools. He praised the DOE, especially Mr. Tandale, for their leadership in advancing financial literacy, emphasizing the importance of teaching these skills early to shape a better future.

CEFI Deputy Director, Mr. Peter Samuel, encouraged participants to be “game changers” who will drive a positive impact for the next generation, stressing the importance of changing mindsets to prepare students for the future.

This workshop marks a significant step in embedding financial education into the education system, with the ultimate goal of preparing PNG’s students to become financially responsible adults.

Ends.

Image Captions:

Image 1. A group photo of workshop participants and management and staff from CEFI and Department of Education.

Image 2. Participants during the Financial Education Content Alignment and Development Workshop at Tuhava Resort, Central Province.

Image 3. CEFI Executive Director Mr. Saliya Ranasinghe speaking to CDD Officers from the Department of Education.

For further information on the work of CEFI please contact CEFI Communications Team: +675 3225300, email: lomaro@thecefi.org or visit www.thecefi.org

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