The Centre For Excellence in Financial Inclusion (CEFI) and the Bank of Papua New Guinea (BPNG) continue to promote financial inclusion in the provinces.
Assistant Governor, Financial System Stability Group, BPNG – Ellison Pidik, who delivered a speech on behalf of the Governor of BPNG, Mr. Loi Bakani, and also the chairman of CEFI, said this during the presentation of certificates to participants of a MSME Financial Literacy and Business Essential Skills Training in Kavieng, New Ireland Province.
“It is gratifying to see that the financial inclusion agenda is being actively promoted by CEFI and in particular the trainers who underwent training of trainers (TOT) that was rolled out in November 2020 by CEFI and who are now implementing the knowledge, skills and experience gained,” Mr Pidik said.
“CEFI and BPNG stand ready to work with your provincial government and the people of New Ireland Province to promote financial inclusion in the province.
The bank recognizes the importance of financial inclusion as a key pillar for our nation’s development.”
“The Bank in collaboration with CEFI are continuing to driving financial inclusion through financial and digital literacy for households and for MSME entrepreneurs and potential entrepreneurs,” Mr Pidik said.
The training conducted by CEFI from May 17 to June 02, saw a total of 190 participants including 98 women receive certificates on Financial Literacy and Business Essential Skills Training.
According to CEFI head trainer, Ms. Jill Pijui, the purpose of the training was to equip the participants with MSME or SME business skills to enable new startups and also for scaling up or expanding of existing businesses.
“The training concept of combing both financial literacy and business skills is an excellent approach as financial literacy addresses behavioral issues faced by participants in relation to the importance of personal savings, budgeting and importance of repaying a loan before proceeding to the know-hows of operating or managing MSME businesses,” Ms Pijui said.
“The approach has enabled behavioral and mindset shifts, creating awareness of the importance of good savings habits and in ensuring a good debt management culture,” she said.
Ms Pijui said that the training has enabled one of the participants to develop his fishing business cash flow and after submitting it for a loan with the National Development Bank, he got it immediately approved.“Business Essential Skills training has enabled participants to start businesses and or enabled
groups to come together to form their businesses,” Ms Pijui added.
A female participant, Ms. Joanne Peter, said the training provided by CEFI, would enable them to use the skills and know-how to innovate with unique business ideas.
“Some of the business ideas such as developing market research questionnaires to identify customer needs, developing market plans, maintaining good financial records and management of stock records,” Ms Peter added.
Topics covered during the three-weeks training include, skills and attitude of an entrepreneur, introduction to a marketing and business model, basic cashbook management, cash flow forecasting and management, inventory management, business costing, debt management, savings and budgeting.