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

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

 

 

 

 

 

 

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.

 

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.

 

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

 

 

 

 

 

 

Financial Inclusion is the key to improving livelihood of the people of Simbu contributing to broader economy and self-sustainability for the province.

Simbu Governor Noah Kool made this remarks when signing a MoU with the Centre for Excellence in Financial Inclusion (CEFI) to forge a partnership in rolling out financial inclusion activities and programs in the province.

“The MOU will help to identify potentials where CEFI and Simbu Provincial Government can work together especially in areas around training and implementation of Financial Inclusion activities in the province,” said Governor Kool during the signing at the Simbu Provincial Government Headquarters in Kundiawa town on Monday 14^th October, 2024.

“Simbu Province is willing to partner and work with CEFI to implement financial inclusion activities in the province and this marks a new era for our people and I urged all stakeholders to support the financial inclusion in the province,” said the Governor.

He said the MoU signing was the first of its kind between Simbu province, CEFI and the Bank of Papua New Guinea (BPNG).

“Simbu needs financial literacy training as we would like to move into a broader economy for self-sustainability, (because) we don’t have the culture of savings, and we need to be more educated and be financially literate,” the Governor added.

Deputy Chief of Party, USAID PNG Lakautim Garun Program (LGP), Mr. Jordan Bulo acknowledged the partnership between CEFI and the Simbu Provincial Government and stressed that the USAID PNG (LGP) is willing to partner and work with provinces and districts to serve the rural population through the rollout and implementation of financial inclusion activities including other key areas of focus.

Assistant Governor, Financial Stability System Group, Bank of PNG, Mr George Awap thanked and commended the Simbu Provincial Government for recognising financial inclusion as an essential component of Papua New Guinea’s development plan.

“CEFI and BPNG are progressing to moving towards signing agreements with provincial governments so they can take the responsibility in taking financial education for a sustainable program,”

“Donors will support for a shorter period, but the government will take into consideration financial inclusion programs to educate the people of Simbu Province to manage their money well,” said Mr Awap.

CEFI Executive Director Mr. Saliya Ranasinghe stated that having access to financial inclusions services is very important and it starts with financial literacy training.

“The first step is to get the provincial trainers trained through CEFI training programs so that they can get other people in the province trained,” said Mr. Ranasinghe.

“CEFI’s main aim also is to work with (the) Education Department to have financial inclusion programs taught in schools throughout the country in order to empower individuals to alleviate them from poverty,” he said.

The MOU signing between CEFI and Simbu Provincial Government was a result of a partnership facilitated by the USAID PNG Lukautim Graun Program (LGP) between CEFI and the Simbu Provincial Government.

Simbu is the second province in the Highlands region after Western Highlands to enter into partnership with CEFI under the USAID PNG Lukautim Graun Program.

Other provinces who signed MoUs under CEFIs Government Engagement Program include Milne Bay, West New Britain, East New Britain, New Ireland, Madang and Kerema District (Gulf province).

 

 

Ends.

Image Captions:

Image 1. Simbu Governor Noah Kool and Assistant Governor, FSSG-BPNG Mr. George Awap sign the MoU  witnessed by the provincial Administrator Mr. John Punde and CEFI Executive Director Mr. Saliya Ranasinghe.

Image 2. Simbu Governor Noah Kool and Assistant Governor, FSSG-BPNG Mr. George Awap showing the sign MoU documents.

Image 3. A group photo taken outside the Simbu Provincial Government Building after the MoU Signing.

 

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

 

 

10^th October 2024

SMEs (Small to Medium Enterprises) in Wabag , Enga province will benefit from financial literacy training programs following a Memorandum of Understanding (MoU) between the Centre for Excellence in Financial Inclusion  (CEFI) and Regina Sagu Foundation (RSF).

Both organizations recently signed the MoU in Port Moresby which will see CEFI conduct Financial Literacy Training of Trainers programs targeting women in SMEs, in Enga province and in the National Capital District.

RSF plans to deliver both trainings to 30 participants each in Port Moresby and Wabag on two main modules which are savings and budgeting.

Founded by the late Justice Regina Sagu, RSF is based in Port Moresby but has begun establishing its operations in Wabag, Enga province as of June 2024.

RSF has conducted Gender Based Violence sensitization awareness training for staff and teachers in schools, starting with Kopen Secondary, and is now focused on women in SME.

The organization’s main interest is integrating financial literacy into their existing programs to empower SME women and market management in Wabag, responding to a strong demand for financial training and their work in Wabag has identified an urgent need to equip women with financial skills, particularly given the region’s vulnerability to natural and social-ethnic challenges.

RSF’s aim is to support SME women and market vendors in Wabag by empowering them to better manage and grow their business, ultimately helping them transition from the informal economy to the formal financial economy.

Executive Director Mr. Saliya Ranasinghe during the signing ceremony on Friday 4^th October, thanked RSF for reaching out to CEFI to conduct the training adding this important partnership will go a long way in benefiting women SME’s to improve their knowledge and skills in financial literacy.

“It’s encouraging to see that your organisation is giving prominence to parting this knowledge to the community groups whom you are working with. I’m sure that it’s going to change the lives of the people for the future,” said Mr. Ranasinghe.

“Changing mindsets is important and I hope that the partnership that we are establishing today will take us through this transformation process and to make this place a better place for the younger generation of this country.

Mr. Ranasinghe encouraged RSF to invite banks when conducting the financial literacy training to open bank accounts and also do an evaluation after a year of doing the training to see the impact it has in changing people’s lives.

In response Ms. Grace Ma’ai, RSF Acting Director and President thanked CEFI for the promptness in progressing the MoU signing to commence the training.

Ms. Ma’ai emphasised the MoU signifies hope in the communities RSF works with especially in Wabag empowering women and youths, sporting groups, school and educational institutions and SME women.

She added that is RSF’s ambition and they look forward to working with CEFI in delivering the training to these groups of people and monitor how they are implementing the training to improve their lives.

“This partnership is a big step forward for RSF and its communities and we look forward also to working together with CEFI,” said Ms. Ma’ai.

“We (RSF) are self-funded and open to activities that will enhance and help our communities to bring better economic resilience and reduce poverty to the community,” she added.

RSF partnership with CEFI will see the following deliverables; Training the trainers, RSF enabling them to independently deliver financial literacy programs as part of their ongoing GBV sensitization workshops, provide certified financial literacy training to over 1000 men, women and youths from SMEs in Wabag and expand their capacity building efforts beyond Wabag, and potentially into Telefomin, Sandaun Province in the future.

Ends.

Image Captions:

Image 1.   (2^nd right) CEFI Executive Director Mr. Saliya Ranasinghe and RSF Acting Director and President Ms. Grace Ma’ai signing the MoU documents. Witnessing the signing, Financial Inclusion and Capacity Development Manager Ms. Jill Pijui (far right) and RSF Deputy President Ms. Rosemary Koimo (far left).Image 2. (2^nd right) CEFI Executive Director Mr. Saliya Ranasinghe and RSF Acting Director and President Mrs. Grace Ma’ai show the documents signifying both organizations partnership to deliver the financial literacy training.

Image 2. (2^nd right) CEFI Executive Director Mr. Saliya Ranasinghe and RSF Acting Director and President Mrs. Grace Ma’ai show the documents signifying both organizations partnership to deliver the financial literacy training.

Image 3. (From left to right) RSF Deputy President Ms. Rosemary Koimo, Acting Director and President Mrs. Grace Ma’ai with CEFI Executive Director Mr. Saliya Ranasinghe and, Financial Inclusion and Capacity Development Manager Ms. Jill Pijui show their partnership in delivering the training following the MoU signing.

 

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

• Young mind savings campaign ends successfully for students in Kimbe
• The Bank of Papua New Guinea’s Centre for Excellence in Financial Inclusion or CEFI Program has formally introduced its Young Minds Savings Campaign in West New Britain
• 2024 Young Mind Savings Campaign Concludes Successfully

The Young Minds Savings Campaign (YMSC) in Kimbe, West New Britain province, ended on a high note with over 236 kids savings accounts opened.

CEFI Executive Director Mr. Saliya Ranasinghe thanked the WNB Provincial Government (WNBPG), participating schools and financial institutions for making the second YMSC a success following the first YMSC held in Milne Bay province in August this year.

“Convey the message of savings to your children and educate them on its importance so they will have a better future and standard of living,” Mr. Ranasinghe told head teachers of participating schools and branch managers of the participating financial institutions during a closing dinner.

He also thanked the Securities Commission of PNG (SCPNG) for their sponsorship support towards the campaign.

Mr Tandawai representing SCPNG said that the Commission was happy and excited to support CEFI and BPNG in investing in the future of PNG through the YMSC.

In attendance also was the Department of Treasury who through Mr Moses Zazon expressed their support towards the campaign. Besides MiBank, BSP and Womens Microbank (WMB), Nasfund and TISA were also in attendance.

Both institutions used the campaign to make awareness of their products targeted at school kids.

Schools visited included, Kimbe Primary, Ruango Primary, Karl Hesse Primary, Kimbe Secondary, Kimbe International and Harrison Primary.

CEFI, the Bank of Papua New Guinea (BPNG), SCPNG, WNB Provincial Government, MiBank, WMB, BSP, Nasfund and TISA visited the respective schools from September 04 to September 06.

On Wednesday September 04, MiBank visited Kimbe and Ruango Primary schools, Thursday September 05, WMB, MiBank and Nasfund visited Karl Hesse Primary and Kimbe Secondary and BSP and TISA visited Kimbe International and Harrison Primary schools respectively on Friday September 07.

The activities included awareness on savings, question and answer sessions followed by opening of bank accounts. More than 200 savings accounts for students were opened by Mibank and BSP with follow up visits by the respective banks to continue for the respective schools.

The YMSC is one of the key ticket items implemented under a MoU signed between CEFI and WNB Provincial Government which is expected to end on 27th July 2026.

The Provincial Administrator (PA) – WNBPG, Mr. Leo Mapmani thanked CEFI and BPNG for the initiative and support to run the YMSC in Kimbe.

Mr Mapmani assured CEFI of the WNBPG support towards the implementation of the CEFI-WNB MoU and to continue the good progress made so far.

Mr. Mapmani also stated his administration’s support of the YMSC in Kimbe adding it was now a challenge for the WNBPG to continue the campaign and reach more schools in the province.

“This is the first of its kind in Kimbe to witness BSP, MiBank, TISA, Nasfund and the Mama Bank mobilize and jointly visit selected schools within the urban settings to promote their products specifically focusing on promoting the savings culture to the children and young people.”

“The Steering Committee will continue to highlight this activity in its annual work plan to build the young minds and empower them to continue to save money for their future needs,” Mr. Mapmani said.

CEFI Special Projects Manager and YMSC Team Leader Mr. Busa Jeremiah Wenogo thanked Mr Mapmani for his support towards the YMSC and encouraged WNBPG to take ownership of the campaign and roll it out annually to all the schools in the province.

Students interviewed at respective schools were all appreciative of the YMSC and happy to have the financial institutions come to their schools and open bank accounts.

“The Young Minds Savings Campaign is a really effective programme that was implemented by CEFI. It has been able to encourage young students to open up savings accounts,” said eighteen year old grade 12 student David Uluk of Kimbe International School.

“It’s a good initiative taken (by CEFI and BPNG) because it helps young minds to see the importance of savings,” said sixteen year old grade 11  female student Lorraine Mertie Gorie of Kimbe International.

“The campaign is important and must be taken seriously as it helps students to know how to use and manage money wisely,” said fourteen year old grade 8 student Meltufie Osand of Harrison SDA Primary School.

“The campaign helps students to know more about savings and managing their money,” said fifteen year old grade 8 female student Jelica Jimmy of Harrison SDA Primary School.

Head teachers from the six schools express their gratitude to CEFI, BPNG, SCPNG and the WNBPG for the campaign which they said was important to the students for their personal and educational development.

“The campaign is important due to the demand at the moment in terms of savings especially with the limited education on finances,” said Karl Hesse Deputy Headmaster Mr. Ezekiel Henry.

“I believe the impact that (this campaign) will have on the students is that they will learn to save money and also look forward to their future with confidence knowing their savings is available when needed” he added.

Ruango Primary School Head Teacher Mr. Nalot thanked CEFI and BPNG for initiating the campaign adding that educating savings to the students at a very young age is important.

“I fully support this campaign because it’s targeting school children to teach them about savings which I believe it’s an important part of their learning development.”

“Definitely the campaign will have a big impact on the students because they never had bank accounts, but through the campaign many school children now will be able to have bank accounts, and know  how to save with the help of their parents also,” Mr. Nalot concluded.

Google Drive Link to Photos, Videos & Media Release – https://drive.google.com/drive/folders/1D8nN1wWIDDIO1BBKc5abcg6DO8sqtZJW?usp=sharing

Ends.

Image Captions:

Image 3.  Kimbe Primary Grade 9 students, Edward Rovi (left) and Samantha Maino showing their bank cards after successfully opening their respective savings accounts with MiBank.

Image 4.  Runago Primary school students and teachers pose for a group photo with officers from MiBank, CEFI and SCPNG.

Image 5.  Jeanellia Siroro-Kimbe Branch Manageress – MiBank assisting a student from Ruango Primary open his savings account.

Image 6.  Ruango Primary Grade 5 students (from left to right) Queenal Panda, Dorothy Waninara, Solomon Puli and Roberthina Donny were proud to be part of the Young Mind Savings Campaign.

Image 16.  Harrison SDA Primary student receiving his banking card.

Image 19.  BSP Officers assisting Kimbe International School students open their savings accounts.

• Young Minds Savings Campaign begins in Milne Bay Province
• Students in Milne Bay open savings accounts
• Milne Bay Savings Campaign

The 2024 Young Minds Savings Campaign (YMSC) in Milne Bay province concluded successfully with visits to six schools in Alotau.

YMSC is one of the objectives outlined in a MoU signed between the Centre for Excellence in Financial Inclusion (CEFI) and the Milne Bay Provincial Government (MBPG). The campaign is one of the key ticket items to be implemented under the new three (3) year MoU signed between CEFI and MBPG and is expected to end in 2027.

Schools visited included, Koeabule Primary, Alotau Primary, Rabe Primary, Cameron Secondary, Lelehoa Primary and Goilanai Primary.

CEFI, the Bank of Papua New Guinea (BPNG), Securities Commission of PNG (SCPNG), MBPG and financial intuition’s, MiBank, Womens Micro Bank (WMB), BSP and TISA visited the respective schools from August 07 to August 09.

On Wednesday August 07, MiBank visited Koeabule and Alotau Primary schools, Thursday August 08, WMB and MiBank visited Rabe Primary and Cameron Secondary and BSP and TISA visited Lelehoa Primary and Goilanai Primary schools respectively on Friday August 09.

The activities included awareness on savings, question and answer sessions followed by opening of bank accounts. Over 100 savings accounts for students were opened with follow up visits by the banks to continue for the respective schools.

Deputy Provincial Administrator – MBPG, Ms. Sharon Mua thanked CEFI and BPNG for the initiative and support to run the YMSC in Alotau.

“The Young Minds Savings Campaign is an activity of the Provincial Financial Inclusion Steering Committee’s 2024 Work plan which had been implemented successfully with the assistance from CEFI and the Central Bank,” Ms. Mua said.

“This is the first of its kind in Alotau to witness BSP, MiBank, TISA and the Mama Bank, mobilized and jointly visit selected schools within the urban settings to promote their products specifically focusing on promoting the savings culture to the children and young people.”

“The Steering Committee will continue to highlight this activity in its annual work plan to build the young minds and empower them to continue to save money for their future needs,” Ms. Mua said.

Students interviewed at respective schools were all appreciate of the YMSC and happy to have the financial institutions come to their schools and open banks accounts.

“The Young Minds Savings Campaign is really good and educational because it helps young people like myself to learn how to save up for our future,” said thirteen year old grade 7 student Israel Togumagoma of Koeabule primary school.

“I think that the Young Mind Savings Campaign is important and helpful because it encourages young people, including students, to save money and learn how to manage it wisely,” said fifteen year old grade 8 student Jenny Paul of Alotau Primary School.

Head teachers from the six schools express their gratitude to CEFI, BPNG, SCPNG and the MBPG for the campaign which they said was important to the students for their personal and educational development.

“As a teacher am very grateful that the Young Minds Savings Campaign was brought to the schools, I believe that it goes back to assisting the children to save at a very early age,” said Lelehoa Headmistress Ms. Didee Isreal.

“Usually when the children go to the banks to open accounts the processes at the banks make it very complicated for them but thanks to the campaign the financial institutions are coming all the way to our school (Lelehoa) and the children are very privilege to open accounts. We hope that it’s going to open up their minds to start savings at an early age,” she added.

CEFI Special Projects Manager Mr. Busa Jeremiah Wenogo told students during their respective visits to practice a savings culture at an early age so when they are adults they will understand the importance of managing their money.

“The objective of the Young Minds Savings Campaign, as the name says, Young Minds is to do with school kids or children. The reason why we are doing this is because we understand the importance of empowering the next leaders of tomorrow,” Mr. Wenogo told the students.

“I’m sure that all of you are also using money whether it’s your parents giving you the money for bus fares or lunch money.”

“You are actually coming in contact with money and money plays an important role in our society today, we need to be able to know how to manage money,” Mr. Wenogo encouraged the students.

“I encourage the Milne Bay Provincial Government to take ownership of the campaign and roll it out annually to all the schools in Milne Bay Province,” he added.

Mr. Abraham Moroka from BPNG stated that as school students they must make it their priority to learn about saving money in a bank account.

“We are here to tell you that your future must be secured with savings. Savings is the message that we want to pass on to you. You must look after money so that money will look after your future.”

“If your parents give you money don’t spend it all, learn to save some of that money in that way you grow into the habit of saving,” Mr. Moroka told the students.

Mr. Newman Tandawai explained the importance of the link between financial inclusion and investing in the capital market.

He pointed out that Papua New Guineans can buy shares and stocks in public listed companies if they start to develop good savings habits, that is without savings there is no investment.

Mibank Branch Manageress, Alotau Branch, Mrs. Keilo Nelson, told the students that MiBank had a product specially tailored for young children called MiPikinni Savings Account.

Mrs. Nelson said after a child opens the account they will be issued a MiPikinni Passbook, where they will use it to record their savings.

“Our account opening fees are not free but to open an account you have to start off with ten kina but for now because of the Young Minds Savings Campaign we will give you the opportunity to open a MiPikinini Savings Account for five kina.”

“We want to introduce the savings culture here into young minds and at MiBank we want to encourage you (students) to have a bank account and start savings at a young age.

“When you have a passbook savings account your money is growing and you are growing with the bank, as you grow, the bank also grows so grow with MiBank,” Mrs. Nelson encouraged the school students.

Image Captions:

Image 1.  MiBank Officers opening banks for Koeabule Primary grade 7 students, Israel Togumagoma, Tasman Dotaona Kesa, Shauntae Boga and Methusela Napatali.

Image 2.  Koebule primary school students and teachers with MiBank Officers and representatives from CEFI, BPNG and MBPG.

Image 3.  Alotau primary school students and teachers with MiBank Officers and representatives from CEFI, BPNG and MBPG.

Image 4.  Alotau primary grade 8 students, Jenny Paul and Samantha Stanley assisted by MiBank officers to open their bank accounts.

Image 5.  CEFI Special Projects Coordinator Mr. Tobias Toumne speaking to students at Rabe Primary.

Image 6.  Womens Micro Bank Officer Quentin Thomas opening bank accounts for Rabe primary students.

Image 7.  MiBank Officer Andrew Sakius talking to Cameron Secondary student on opening of savings accounts.

Image 8.  Cameron Secondary grade 12 students, Ephraim M’olu and Roweena Norris glad to be part of the YMSC.

Image 9.  Lelehoa primary school students and teachers with Officers and representatives from CEFI, BPNG and MBPG.

Image 10.  Lelehoa primary grade 8 students (L to R) Raymond Tarumuri, Concepta Manase, Cynthur Grace James, Amua Leldo, show their savings card and piggy banks after opening their respective bank accounts with BSP.

Image 11.  Goilanai primary school students and teachers Officers and representatives from CEFI, BPNG and MBPG.

Image 12.  (L to R) Goilanai primary grade 7 students, Hadasha Molabei, Charlayne Falwatta, Titus Willy and Ellison Kavanamur glad to be part of the YMSC.