Financial information is vital to making informed decisions and NASFUND Contributors Savings and Loan Society (ncsl), as a financial institution, endeavours to provide necessary training and awareness to empower people to make good financial decisions.
On Monday August 1, ncsl and Centre for Excellence in Financial Inclusion (CEFI) signed a Memorandum of Understanding for Financial Literacy Training.
Under the MOU, CEFI will provide a ‘Train the Trainers’ program to ncsl staff to empower them to go out and conduct educational awareness on financial literacy to the Society’s growing membership.
CEFI’s Financial Literacy Program will train ncsl officers on how to facilitate and deliver financial literacy information to its members so they are empowered to make appropriate financial decisions, including accessing the right types of financial products and services that address their business and household needs at reasonable costs.
ncsl Chief Executive Officer, Vari Lahui said ncsl is pleased to partner with a recognised institution in the country that specialises in financial literacy training and is also mandated to drive programs on financial inclusion.
“Through our Lending, we have noticed that our members entering into numerous borrowing arrangements with other financial institutions at exorbitant costs and we believe the partnership with CEFI allows us to gain the knowledge and experience to reach out to our members in such situations and assist them with advice,” he stated.
CEFI Advisor, Saliya Ranasinghe said CEFI is privileged and happy to partner with the most innovative and progressive society in the country.
“We are very pleased to work with the largest savings and loan society by membership size to train staff and clients to make a difference in the community through this program.
“Financial literacy is something everybody in this country needs. PNG has a lot of money but the problem is how to manage it. This partnership between the two organisations now enables progress towards better managing the issue of better financial management,” Ranasinghe said.
The MOU will initially run for a period of 12 months and ncsl aims to reach out to as many members as possible and will provide progressive monthly updates to CEFI as part of the agreement with the aim of enhancing the Program where necessary.