Author: Leslie Omaro

‘Women’s Micro Bank a key driver of financial inclusion’ – ‘BPNG Governor Ms. Elizabeth Genia.’

Post author By Leslie Omaro
Post date May 13, 2024
No Comments on ‘Women’s Micro Bank a key driver of financial inclusion’ – ‘BPNG Governor Ms. Elizabeth Genia.’

Governor of the Bank of Papua New Guinea Ms. Elizabeth Genia officially opened the Women’s Micro Bank (WMB) Branch in Kerema (Tuesday May 07), making it the fifth WMB branch to be operating in Papua New Guinea.

“Today’s official opening of its fifth branch celebrates another achievement in a long line of achievements we have seen for women’s microbank. I am sure your highly esteemed founder, the late Janet Sape, would have been extremely proud of the organization affectionately known as Mama Bank, now one of the top 50 companies for women in APEC countries and well regarded as a financial services innovator,” Ms. Genia told the people of Kerema town who turned up in hundreds to witness the important occasion.

Ms. Genia stated that WMB has become a key driver of financial inclusion and financial inclusion was originally a BPNG led innovation but is now a national strategic priority.

She applauded women’s micro bank services in addressing several financial inclusion objectives, particularly highlighting depositing taking and lending opportunities to the 85% of the population who are still unbanked.

“Opening of the Kerema branch is another way Women’s Microbank has made a commitment to encouraging people to access financial services.”

“I understand the Kerema branch will enable the people of the district, particularly the women, to take advantage of services such as the MSC credit scheme, financial literacy training, as well as basics, including deposit takings and loans. The branch will provide a practical and desirable alternative to the risks of holding cash, informal money lending and money scams, all of which stop people from building a comfortable standard of living.”

“Today’s official opening gives members of the community the opportunity to take significant steps forward towards building the financial security and financial independence,” the BPNG Governor said.

Coinciding with the opening, was also the launching of the Kerema District SME Policy which was officially launched by Papua New Guinea Prime Minister Honourable James Marape.

The Prime Minister committed three million kina towards the WMB Kerema branch as part of the Government’s partnership with KDDA in assisting to create a credit lending facility where Gulf women especially mothers in SME can benefit.

“Get into productive micro to small medium enterprises and do well for yourself. By doing well for yourself, you will be preparing your children well for the future,” the prime minister encouraged women from Gulf province.

Kerema Open MP Honourable Thomas Opa also committed two million kina towards the WMB Kerema branch and also became the first customer to open an account with the branch.

Mr. Opa emphasised that empowering women in Gulf province was a big challenge but was positive that with the setting up of a WNB (mama) branch in his province and assistance from the government with seed capital to fund lending credit facilities, he was confident mothers and young girls will take advantage of the opportunity and use the facilities wisely to venture in various business opportunities and empower themselves financially.

Other important delegates who witnessed the SME Policy Launching and WMB opening included, Kerema Open MP and Vice Minister for Petroleum and Energy Honourable Thomas Opa, Wapenamanda Open MP and Vice Minister for Works and Highways Honourable Mikki Kaeok, Moresby North West Open MP Lohia Boe Samuel, BPNG Assistant Governor George Awap, WMB CEO Gunanidhi Das, CEFI Executive Director Saliya Ranasinghe and members of the Kerema District Development Authority and the Gulf Provincial Executive Council.

Ends.

Image Captions:

Image 1 & 2. Governor of the Bank of Papua New Guinea Ms. Elizabeth Genia officially opening the Women’s Micro Bank in Kerema.

Image 3 & 4. Prime Minister Honourable James Marape cutting the ribbon to the launch the Kerema District SME Policy.

Image 5. Kerema Open MP and Vice Minister for Petroleum and Energy Honourable Thomas Opa became the first customer to open an account with the branch. Witnessing this is BPNG Governor Ms. Elizabeth Genia.

Image 6. Kerema Open MP and Vice Minister for Petroleum and Energy Honourable Thomas Opa shows his passbook after opening an account with the branch. Witnessing this was (from right to left), Wapenamanda Open MP and Vice Minister for Works and Highways Honourable Mikki Kaeok, Governor of the Bank of Papua New Guinea Ms. Elizabeth Genia, CEFI Executive Director Saliya Ranasinghe, CEFI Deputy Executive Director Peter Samuel and Women’s Micro Bank CEO Gunanidhi Das.

Image 7. Womens Micro Bank, Kerema Branch

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

Tags banking, BPNG, cefi, credit facility, Gulf, Kerema, Province, savings, sme, Womens Micro Bank, WSME

Impact Stories

Jessica determined to educate her people on financial literacy after successfully completing CEFI’s Training of Trainers Training.

Photo Captions:

Photo 1 – A male participant delivering a presentation during the ToT training.

Photo 2 – Group presentations during the ToT training.

Photo 3 – Jessica Kuambu receiving her certificate from CEFI Executive Director Mr. Saliya Ranasinghe.

Photo 4 – The ToT trainee participants following the mini graduation pose for a group photo with CEFI’s Executive Director Mr. Saliya Ranasinghe (sitting 3^rd from right) and Deputy Executive Director Mr. Peter Samuel (sitting 2^nd form right).

Photo 5 – Jessica Kuambu with proudly showing her certificate after successfully completing the ToT Training.

Photo 6 – Jessica Kuambu (middle) with her colleagues from the ENBSL, Lavini Taraika (CEO-ENBSL) and Peter Wartovo (Business Development Officer-ENBSL), who also attended the five day ToT training.

Photo 7– Group discussion activity during the ToT training.

April 30, 2024

Growing up in the 1990s in Bialla, West New Britain Province, a young Jessica Kuambu witnessed firsthand how people from her area spent cash recklessly without giving a single thought about saving.

The oil palm boom in the province caused an overflow of cash into the province hence Jessica to help her people one day to learn about savings.

“When I was in high school my parents had an oil palm block and during the harvesting period there were so much money floating around, people did not know what to do with it, the only thing they knew was spending it recklessly,” revealed Jessica.

“My father also had a small trade store and on weekends we would make around K80,000 to K100, 00 in cash. My parents would put all that money under their mattress and sleep on it until Monday, and go to the bank and deposit all these money,” she recalled vividly.

“During school holiday’s, going back home, I sometimes question why can’t OPIC or Hargy conduct some training to teach these people how to save their money,” thought Jessica.

This question 30 years on motivated Jessica to one day help her people know about saving and budgeting their money.

On Friday 19^th April 2024, Jessica was among 31 participants certified by CEFI to be trainers in Financial Literacy.

The graduating batch were part of the first Expression of Interest-Training of Trainers training facilitated by CEFI in their Port Moresby office.

Jessica, who currently works as a Manager –Sales and Marketing with East New Britain Savings and Loans (ENBSL) in Kokopo, attended the training with two of her colleagues, CEO Lavinia Taraika and Business Development Officer Peter Wartovo.

Having an ENBSL branch in Bialla is the spring board for Jessica to use to impart the knowledge and skills she gained from the five days training, to her local community.

She revealed that there was a great need for financial inclusion activities and financial literacy programs to be implemented in local governments in the rural area.

She added they were unable to attend to the high number of request for financial literacy training due to the limited number of trainers but now that is about change following the training.

“We are increasing the number of trainers in the ENBSL, so we can go out and train many people as we can in financial literacy in all the four districts in ENB,” she said.

“We (ENBSL) are also expanding throughout the New Guinea Islands so in this capacity we are able to cover more territory not just inside ENB but in nearby provinces as well.”

For Jessica the training has equipped her well to return home and encourage her people to open bank accounts, save their money and empower them with financial freedom.

Ends.

Tags budgeting, EOI, financial literacy, savings, ToT Training

Media Releases

The Bank of Papua New Guinea collaborates with the Global Green Growth Institute to launch Papua New Guinea’s Green Finance Centre

Port Moresby, Papua New Guinea, March 25, 2024. The Bank of Papua New Guinea (BPNG) in close collaboration with the Global Green Growth Institute (GGGI) together with other key partners including the Centre for Excellence in Financial Inclusion (CEFI), the Department of Climate Change and Development Authority (CCDA), the Department of Treasury, the Alliance for Financial Inclusion (AFI), the New Zealand Ministry of Foreign Affairs & Trade (NZ MFAT) and the Agence Française de Développement (AFD) all gathered at the Hilton Hotel to launch Papua New Guinea’s Green Finance Centre (GFC).

GGGI, as the main delivery partner and CEFI as a champion in financial inclusion teamed up to develop the Inclusive Green Finance Policy (IGFP) back in 2021. GGGI received a total funding of USD 670,000 from the New Zealand Ministry of Foreign Affairs and Trade (MFAT) under the Low Emission Climate Resilient Development Program (LECRD) program for the initiative which includes the establishment of the GFC.

The GFC will now serve as the entity responsible for overseeing the implementation of IGFP and all future initiatives related to green finance flows in the country. Its core objective would be to address environmental and climate challenges in PNG and promote sustainable economic growth through innovative, yet inclusive climate financing and green investment mechanisms and it will be guided by a steering committee that is chaired by BPNG.

During the launch, GFC’s logo and website were unveiled by the guest of honour, Chief Secretary to the Government of Papua New Guinea Mr. Ivan Pomaleu OBE, Conservation Environment & Climate Change Minister Hon Simo Kilepa MP, and the Governor of the Bank of Papua New Guinea Mrs. Elizabeth Genia.

Other high-profile guests who were present at the auspicious launch included New Zealand High Commissioner to PNG, HE Pete Zwart, France Ambassador to PNG, HE Guillaume Lemoine, GGGI Country Representative Mr. Sakiusa Tuisolia, AFD Executive Director Mr. Philippe Orliange, AFI Executive Director Dr Alfred Hannig, BPNG Assistant Governor Mr. George Awap and CEFI Chief Executive Officer Mr. Saliya Ranasinghe.

Coinciding with the launch was the signing of a Memorandum of Understanding (MoU) among BPNG, GGGI and the three financial Institutions; Bank of South Pacific Group (BSP Group), Nationwide Mirco Bank (MiBank) and Women’s Micro Bank (Mama Bank) to integrate the IGFP onto their books to develop green loan products.

Also at the launch, AFD signed a 6 million Euros grant agreement with GGGI as the delivery partner of Greening the Pacific’s Financial System. Under this grant, PNG through the GFC will receive 1 million Euros to support the ongoing work of IGFP implementation and an additional 1.8 million Euros for designing and capitalizing of a Green Refinancing Facility.

The guest of honour in his keynote remarks praised the establishment of the GFC that it is a bold step forward in greening PNG’s financial sector and will mobilize green investment opportunities to address climate change impacts to ensure a more resilient future for Papua New Guineans. “In line with the Government’s mandate, the Green Finance Centre will strongly advocate for banks to channel loan investments in sectors such as Agriculture, Energy, SMEs and Bioeconomy to promote low-emission options to reduce our carbon footprint and lead by

example in the region and globally, demonstrating our commitment to addressing climate change impacts,” said Mr. Pomaleu.

BPNG Governor Mrs. Elizabeth Genia echoed BPNG’s commitment to this endeavour. “The Bank of Papua New Guinea is committed to promoting national financial inclusion and the greening of the financial sector and the launch of the Green Finance Centre underscores the commitment of all stakeholders involved to drive sustainable development and address climate change challenges through innovative financial mechanisms,” said Mrs. Genia.

Mrs. Genia also thanked CEFI and GGGI for their tremendous work in developing IGFP and now establishment of GFC.

The New Zealand High Commissioner to PNG, HE Peter Zwart, emphasized that climate change and its impacts are real, and that responsive climate action is increasingly urgent. He said, “The New Zealand Ministry of Foreign Affairs and Trade is proud to provide funding for IGFP and collaborate with the Bank of Papua New Guinea and GGGI in establishing the Green Finance Centre which will play a crucial role in working with financial institutions to mobilize increased green lending and investments in Papua New Guinea.”

The France Ambassador to PNG HE Guillaume Lemoine also emphasized the importance of the initiative giving similar remarks saying “Greening the financial system in PNG is crucial towards the fight against climate change and I am proud that France is happy to help PNG tackle this. PNG is a role model in the Pacific, and we wish all the best to the team involved.”

Other VIPs that also spoke during the occasion were AFI Executive Director Dr Alfred Hannig, AFD Executive Director Mr. Philippe Orliange and BPNG Assistant Governor Mr. George Awap who all highly commended the significance of the Green Finance Centre.

The Inclusive green finance initiative is in line with BPNG – CEFI’s Third National Financial Inclusion Strategy (NFIS 3) (2023-2027) and PNG’s climatic goals stated in PNG Vision 2050 and Medium-Term Development Plan IV (2023-2027). The GFC is located within the CEFI office on Level Three, Credit Corp Building, Downtown Port Moresby. For more information on GFC, kindly visit GFC’s website, www.gfcpng.com or send an inquiry to infor@gfcpng.com

Tags Bank of PNG, cefi, financial inclusion, GGGI, green finance, Green Finance Centre

Media Releases

Ok Tedi Development Foundation (OTDF) and Centre for Excellence in Financial Inclusion (CEFI) Forge Partnership to Empower Western Province SMEs.

The Ok Tedi Development Foundation (OTDF) and the Centre for Excellence in Financial Inclusion (CEFI) today (Tuesday 12^th March) officially entered into a Memorandum of Understanding (MoU).This agreement solidifies their collaboration to implement a Financial Literacy Program aimed at empowering small and medium enterprises (SMEs) and women-led SMEs in selected regions of the Western Province.

Under the MoU, CEFI will conduct Training of Trainers (ToT) sessions in designated areas, equipping 25 trainers with the necessary skills and knowledge in personal money management concepts. These trained individuals will then be responsible for imparting direct retail training to 1,000 SMEs and women-led SMEs within the Western Province.

The signing ceremony, held in Port Moresby, saw Mr. Andrew Mari, Acting Chief Executive Officer and Executive Manager Program Services of OTDF, and Mr. Saliya Ranasinghe, Executive Director of CEFI, formalize the partnership.

The primary objective of this collaboration is to provide comprehensive financial literacy training and facilitate financial inclusivity for SMEs and women-led SMEs in the Western Province, particularly in Community Mine Continuation Agreement (CMCA) regions.

Mr. Andrew Mari expressed his gratitude for the partnership, stating, “This marks the beginning of a crucial initiative for us at OTDF. This will be the first MoU that we (OTDF) will be signing with CEFI and we are privileged that CEFI will partner with OTDF to roll out the financial literacy training targeting respective women associations,” said Mr. Mari

He further emphasized the significance of the MoU in empowering women associations financially and enabling them to meet the necessary requirements for advancing their SME businesses in Western Province.

In response, Mr. Saliya Ranasinghe affirmed CEFI’s commitment to the partnership, stating, “Financial literacy is pivotal to the development process in the Western Province. We are eager to work with OTDF in rolling out the Financial Literacy program and empowering SMEs.”

Mr. Ranasinghe encouraged women association leaders to utilize the training effectively, highlighting their role as community role models. He also outlined CEFI’s plans to expand financial services in the Western Province, collaborating with local financial institutions to bring services closer to the people.

“We are looking forward to this partnership as financial literacy is going to be the corner stone in this whole development process that we would like to roll out in Western province,” he said.

He highlighted that Papua New Guinean has 16,500 access points that includes banks, sub-banks, agencies, eftpos machines and ATMS.

He explained that CEFI would like to expand this services in Western province by working with financial institutions in the province to bring the financial services closer to the people.

“Another important step that we would like to proceed in this particular agreement as we maintain a very good repo with the financial sectors in the country and we will be working with the banks to open up agencies in those respective areas and to bring the financial services to the door steps of this SME clients,” he said.

He concluded by affirming CEFI’s commitment to monitoring the progress of the program, ensuring its impact on the lives of the people in the Western Province, with the intention of replicating the model in other provinces.

This partnership between OTDF and CEFI represents a significant step towards enhancing financial literacy and empowering SMEs in the Western Province, fostering sustainable economic growth and development.

Ends.

Image Captions:

Image 1. Mr. Andrew Mari (Right/Acting CEO & Executive Manager Program Services-OTDF) & Mr. Saliya Ranasinghe (Executive Director-CEFI) sign the MoU.

Image 2. Mr. Andrew Mari (Right/Acting CEO & Executive Manager Program Services-OTDF) & Mr. Saliya Ranasinghe (Executive Director-CEFI) shaking hands to formalise the partnership.

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

Tags cefi, financial literacy, OTDF, partnership, sme, ToT Training, WMSE

Media Releases

CGC Signs Agreements with Financial Institutions to provide credit guarantee for SMEs

Post author By Leslie Omaro
Post date January 24, 2024
No Comments on CGC Signs Agreements with Financial Institutions to provide credit guarantee for SMEs

Port Moresby, Papua New Guinea – January 19, 2024 – The Credit Guarantee Corporation Limited (CGC) is pleased to announce the signing of groundbreaking agreements with ten leading financial institutions in the country aimed at providing critical credit guarantees to support small and medium-sized enterprises (SMEs) in Papua New Guinea (PNG).

These landmark agreements reinforces CGC’s commitment to bolstering the growth and development of SMEs, which are the backbone of the PNG’s economy. By partnering with financial institutions, CGC aims to alleviate the obstacles faced by SMEs in accessing affordable credit to develop and grow their business and ultimately contributing to economic growth and job creation in the country.

Under the newly inked agreements with FinCorp, Financial & Private Sector Staff Savings & Loans Society Limited, Kina Bank, MiBank, Moni Plus, Nasfund Contributors Savings and Loan Society Limited, Nambawan Savings and Loan Society Limited, Peoples Microbank Limited, Resources & Investment Finance Limited and Womens Microbank, CGC will provide credit guarantees to the partnering financial institutions, enabling them to extend much-needed credit facilities to SMEs. Through this collaboration, SMEs will have improved access to financing, allowing them to expand their businesses, create employment opportunities, and contribute to the overall economic growth of PNG.

In a speech delivered for the Prime Minister by the Chief Secretary Mr. Ivan Pomeleu, he said, “Today marks a significant step forward in our collective and sustained efforts to foster economic growth, support small and medium-sized enterprises (SMEs), and create avenues for increased employment opportunities.”

Mrs. Elizabeth Genia, Governor of the Bank of PNG said, “CGC’s role is a strategic enabler and the signing of the agreements today is also the start of the long journey to achieving the various strategic objectives set by the Government, notably the SME Policy, the PNG Development Strategic Plan, Vision 2050, the Financial Inclusion Policy, the Green Finance Policy and the recently launched Medium Term development plan IV, amongst others.

Mr. Dominic Sikakau, CEO of CGC, expressed his enthusiasm about the agreements, stating, “These partnerships mark a significant milestone in our efforts to empower SMEs and drive economic growth in PNG. By providing credit guarantees to our partnering financial institutions, we are facilitating increased access to finance for SMEs, nurturing entrepreneurship, and encouraging growth across different sectors of our economy.”

Mr. John Cholai, Chairman of Nambawan Super Savings and Loans (NSLS) in his remarks said “CGC provide NSLS the confidence to enter the MSME space, a space that for a long time has been occupied by commercial banks. The support will allow us to grow our capacity and capability into expanding out more

to the MSME space and off course the self-employed sector. 0ver 43% of our membership are females and the CGC offers us great opportunity to support women in business, while promoting ‘saving first culture’.”

The signing ceremony was attended by Chief Secretary on behalf of the Prime Minister, CEOs of various participating financial institutions, the Governor of Bank of PNG, representatives from various government departments and donor agencies, underscoring the collaborative and concerted effort to address the financing needs of SMEs in PNG.

The agreements signify a crucial step forward for CGC in supporting the growth and sustainability of SMEs, as well as the overall economic development of PNG. CGC remains dedicated to fostering an environment where SMEs can thrive, innovate, and contribute to the nation’s prosperity.

For more information about the CGC and its initiatives, please visit www.cgc.com.pg

Media Contact:

Judith Kasek

Marketing & Communications Officer Credit Guarantee Corporation Phone: +675 3227458

Email: jkasek@cgc.com.pg

Tags Bank of PNG, cefi, cgc

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