+675 322 5300

Call to speak to our team


Contact our team via email

Mon - Fri: 8:00 - 4:30

We maintain normal hours

Financial Education and Financial Literacy

▬ Training ▬

Financial Education and Financial Literacy

As of December 2021, 237,406 Papua New Guineans received financial literacy training of whom 47% trained were women. The financial literacy trainings focused on the ability to understand and effectively use various skills, including personal financial management, budgeting, and investing. CEFI took lead role in conducting trainer-of-trainers (TOT) programs for financial literacy and created a pool of 1,011 qualified trainers of whom 368 are women distributed across PNG. CEFI has played an important role to coordinate various financial literacy initiatives in PNG. Financial institutions and other development agencies have also implemented financial literacy initiatives as part of their corporate social responsibility programs or marketing efforts. CEFI registered 39 financial literacy training providers that comprise of non-government organizations, financial institutions, church organizations and government agencies. An MOU was signed with Department of Education to integrate financial education to the curriculum for preparatory level up to grade 12 students in the country. The curriculum development is in progress with the objective of educating school children about money management, income generation, savings and budgeting, investments, and credits. CEFI is in discussion to partner with the PNG National Training Council (NTC) to ensure financial literacy training providers in PNG are accredited by CEFI to provide financial education/ literacy training in PNG.

▬ The Centre for Excellence in Financial Inclusion (CEFI) ▬

Delivery methods

An Instructional System Design (ISD) Framework was adopted to strategically design and implement and monitor FL the program.

Participatory and Behavior Change Approach were used to developed training sessions in consultation with the ISD Framework.

Financial Literacy in PNG

The Journey to ‘Financial Freedom’ starts with Financial Literacy (FL). Financial Literacy is a fundamental financial management tool, if used correctly, it has the ingredient to empower people in a greater extend by revolutionizing financial behavior patterns and improve livelihoods.

Financial Literacy in Papua New Guinea (PNG) was birthed through CEFI’s collaborative efforts with Microfinance Expansion Project  and Bank of Papua New guinea , aimed at empowering  and  Papua New Guineans understand and know how to access, financial services for personal or business use.

Acquiring knowledge on financial literacy creates deeper access for understanding to use the knowledge by knowing how to access financial services for personal consumption or business driven initiatives.

Centre for Excellence in Financial Inclusion has developed six (6) financial literacy module in consultation with international best practices for financial literacy training.

The Module includes:

  • Savings: You Can Do It!
  • Budgeting: Use Money Wisely!
  • Debt Management: Handle With Care!
  • Baking Services: Know Your Options!
  • Financial Negotiations: Communicate With Confidence!
  • Mobile Banking: Mobile!

Why Financial Literacy in PNG?

After  delivering , monitoring and accessing the impact  of Financial literacy  Trainings  in PNG for the past 9 years , it has enabled CEFI to conclude that yes more lives has being transformed, however, the demand for FL in PNG is still high.

Papua New Guineans are smart in generating income but lack ‘‘Cash Management Techniques”.

This is due to varies reasons, but there are 7 major reasons identified by CEFI:

  • WANTOK SYSTEM (relatives supporting relatives);
  • Chronic bad habits ; 
  • Low or irregular cash flow; 
  • Over-indebtedness;
  • No bank account;
  • No Insurance cover;
  • No Budget ;and
  • No Savings Plan.

With FL tools it enables one to see the importance of ”Cash Management” The FL tools include:

  • Savings Plan ( saving goals & planning);
  • Emergency Funds (wantok system );
  • Debt Management (bank loan & loan sucks);
  • Retirement Plan (superannuation ) ;
  • Business Plan (SMS/MSME startup capital); 
  • Insurance (medical & death);
  • Budgeting ( household budgeting);
  • Income and Expense Tracking System;
  • Cash Flow  management; and
  • Personal Banking system (Traditional/Mobile/Internet/Agent). 
  • Having an excellent cash management system allows individuals to take control of their money. For example:
    • In-order to managing wantok system it requires having an emergency fund, the fund  allows an individual to make regular deposits on fortnight or monthly  bases to cater for any emergencies  that may arise due to wantok pressure ,natural disaster, or customary obligations ,like bride price, compensation, funeral costs, etc.  This account is kept separate from the normal transaction account.


FL journey with CEFI began in 2013 and has a long way, many milestones achieved. Here are the details:

  • 6 FL modules developed;
  • 39 Partners Institutions received Fl training and mentoring support;
  • 44 ToT trainings conducted;
  • 1011 Trainers Trained, of which ,368 women trainers trained;
  • 237,424 persons trained with FL skills, of which,112,556 women; 
  • 102,852 accounts opened, of which,53,661 women owned account; and
  • 15 mass graduations conducted and 60,000 certificates distributed.


  • Bank Account Opening – Account opening is a challenge because ,the trained participants live is scattered places and it not feasible to have a reporting mechanism wherein they can inform 39 training institutions or partners when they open an account;
  • Maintaining Bank Account  – Having regular deposit remains are challenge to rained participants, due to low or  irregular cash flow activities in rural communities;
  • Low Cash Flow – At least 50% of trained participates opened accounts with FIs, however, maintaining this accounts remains are challenge because of low cash flow of funds at the LLG level. This is due to no form of major economic activities happening at the ward or LLG levels. The same challenge also applies to participants who have already opened bank accounts and do deposits on random basis. Therefore, low cash flow has hindered participants from opening and maintain their banks accounts;
  • Institution’s Capacity – FE partnering institution have the passion to drive FL and have delivered with limited resources that have ,however,they still don’t have the full capacity to delivery FL trainings due to  shortage of staff and budgetary constrain; and,
  • Geographical Constrains – Geographical constrains in PNG  is a major challenges, the further the FL trainings to be delivered to rural villages the higher the costs incurred for  all parties involved, as well has banking facilities don’t operate in the very rural or remote areas, this leaves account opening a challenge.

Papua New Guineans are equipped with FL tools to take control of their money, but, there are still challenges.

Lesson Learnt

The lesson learnt from CEFI’s engagement:

  • Economic Active Regions – People in the economic active regions are more likely to fully exercise the learning  from FL trainings, as there are more cash flow circulated in this areas , there is excellent  telecommunication networks coverage ,which makes is possible for financial institutions to operate and for people to access the  banking digital platform is evident and  banks are available and easy to easy the convenience of the FI services;
  • Attractive Banking Products – Banking products and account opening requirements have to be tailor made and flexible to suit customer’s savings goals or need. Overall ,banking products have to be user friendly, meaning, easy and convenient to use; and
  • Modules Customization – FL modules has to be customized to incorporate digital  financial literacy.


Behavior Change Champions – 55 case studies were developed using the impact assessment tools in the 4 regions. This concludes that after attending the FL trainings 48 % of 217,630 persons behavior towards money changed. 

More people are now:

  • Learning to say” No” to wantok system and give a
  • little less to customary


  • Having additional sources of income;
  • Opened bank accounts;
  • Developed Savings Plan and a  Budget;
  • Being able to track their income and expenses; 
  • Being able to manage their cash flow; and
  • Securely keep financial records.