CEFI and Coffee Industry Corporation sign MoU to work in partnership to rollout financial literacy and financial inclusion to targeted coffee farming communities

by PNG Business News - February 10, 2022

Photo: CIC Acting Chief Executive Officer Charles Dambui (seated left) and CEFI Executive Director Saliya Ranasinghe sign the MoU Documents. Witnessing the signing are CIC Company Secretary Wilma Banake (left standing) and CEFI Head Trainer Jill Pijui.

The Coffee Industry Corporation (CIC) recently signed a Memorandum of Understanding with the Centre of Excellence in Financial Inclusion (CEFI). CIC Acting Chief Executive Officer Charles Dambui and CEFI Executive Director Saliya Ranasinghe signed the MoU in Port Moresby which will now enable the two organization to work in partnership to rollout financial literacy and financial inclusion to targeted coffee farming communities. This will allow savings culture introduced to coffee farmer’s households by teaching them how to make the right financial management decisions and allowing them to have access to a wide range of financial services that address their farming business or personal household needs. 

The MoU will also allow CEFI to conduct Training of Trainers (ToT) to 100 CIC Extension Officers; 20 from each impact areas of the five regions including Upper Highlands, Lower Highlands, Momase, New Guinea Island and Southern. “A very historic occasion for Papua New Guinea (because) we are very proud that we are able to (sign this MoU) with the Coffee Industry Corporation because the coffee industry is one of the key industries in the country which brings in substantial revenue to the country,” said CEFI Executive Director Saliya Ranasinghe “We would like all Papua New Guineans to access to financial services which are delivered in a responsible and sustainable manner to improve farming activities and improve standard of living.” “We can make an impact if we work with economical active people.” 

“What we sign today ((Wednesday February 09) ) will be one of the most critical activity for the farming communities whom you serve and we are extremely pleased and extremely grateful to the (CIC) CEO and his team for taking this initiative to partner with us (CEFI) to provide this important services to the farming communities,” Mr Ranasinghe said. CIC Acting Chief Executive Officer Charles Dambui said, “Coffee is grown in 18 of the 22 provinces and annually we generate 500-400 million kina into the country and over 55%-60% of that money goes directly to the farmers.”“(But) many of our farmers lack some knowledge when it comes to finance management. We want our farmers to be business man and women and not just subsistence farmers and the skills they are lacking is budgeting and savings.” “We have seen our coffee farmers pulling away from coffee because they do not have any money to invest back into the coffee garden and they do not have savings culture” “On behalf of the board and the management and the industry players we would like to thank CEFI, we will be working closely with CEFI to see that our farmers are financial literate,” Mr Dambui said.


Article courtesy of Centre of Excellence in Financial Inclusion

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BPNG, CEFI, GGGI, and New Zealand team up for the development of an Inclusive Green Finance Policy for PNG’s banking sector

Papua New Guinea yesterday launched a new project to develop a National Inclusive Green Finance Policy for the banking sector to boost financial inclusion and guide public and private sector investment towards Low Emission and Climate Resilient Development. Bank of Papua New Guinea Assistant Governor Ellison Pidik representing Mr. Loi M Bakani, Governor of BPNG, H.E Dr. Nathan Ross New Zealand Acting High Commissioner to PNG, Mr. Saliya Ranasinghe, Executive Director, Centre for Excellence in Financial Inclusion and GGGI´s Deputy Director General Ambassador Jenny Kim, jointly initiated the project. Inclusive Green Finance is a new and evolving policy area that countries are beginning to devise and implement policies, regulations and national strategies to mitigate or build resilience to sweeping environmental, health, social and economic effects of climate change. The project will deliver two main outputs: first, a green taxonomy based on PNG’s goals and priorities; and second, and a diagnostic report on the state of green finance in PNG. Both are expected to steer financial flows (loans, equity, and guarantees) towards technologies and services that contribute to the government’s financial inclusion and green growth goals. Bank of Papua New Guinea Assistant Governor Ellison Pidik representing Mr. Loi M Bakani, Governor of BPNG pointed out, “We understand that dual threats of financial exclusion and climate change are recognized as key barriers to financial stability. As a member country of the Alliance for Financial Inclusion (AFI), and implementing the work on Green Finance, we have identified Inclusive Green Finance (IGF) as a key priority area in the financial inclusion space. Similarly, Acting High Commissioner of New Zealand H.E. Dr. Nathan Ross stated that “Climate change is the most significant security and development issue facing the Pacific region, and we can only meet its challenges through collective action. This includes the private sector, and the Inclusive Green Finance Policy will be an important step towards helping businesses to contribute to PNG’s low-emissions, climate resilient development.” Ambassador Jenny Kim states GGGI´s role in the project will be on scaling up access to green finance, “we hope that this project will serve as a strong foundation for future cooperation between New Zealand MFAT, BPNG, CEFI, and GGGI for more ambitious and impactful cooperation on climate change.” At the event, an MOU was signed. The MOU between GGGI and CEFI is under the initiation of the regional program, Low Emissions Climate Resilient Development Program (LECRDP), a regional collaborative effort between GGGI, NZ/MFAT and the governments of Kiribati, Tonga, Vanuatu, Papua New Guinea, and Fiji to support regional resilience and emissions reductions, by working with these Pacific Islands Countries to transition to inclusive, low emissions and climate resilient development.

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