• PNG Business News

CEFI and MBPA Partner For Financial Inclusion

Following a meeting of the Milne Bay Steering Committee, the Centre for Excellence in Financial Inclusion (CEFI) and the Milne Bay Provincial Administration (MBPA) have partnered to work on the agenda of financial inclusion in the province.

Among the key activities for this financial inclusion include training of trainers for financial literacy training, baseline survey on financial inclusion in the province, business development service training for SMEs, expanding access of financial services, and hosting of financial institution exposition.

What came out of the meeting was the finalisation for the following: appointment of the Milne Bay Provincial Financial Inclusion Steering Committee; terms of reference for the committee; 2021 annual work plan; setting up of a desk to work on the financial inclusion, and the date of the next meeting.

Part of the list of activities written in the scope of the Memorandum of Agreement (MoA) signed between these two parties involved the formation of the steering committee. According to the MoA which will expire in September 2022, issued the “establishment of a Project Steering Committee (PSC) that will include representatives from the provincial government, CEFI, private sector and civil agencies in the province”.

Meanwhile, CEFI’s manager for special projects Busa Jeremiah Wenogo said that financial inclusion is essential. in the province. He said, “There is a need now for us to work together to educate our population on financial literacy as well as how to save money and invest in productive activities to help their families improve their wellbeing.”

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