Morobe Rural SME Foundation Inc. (MRSMEF) recently carried out a Financial Literacy Training for the locals in Gagidu, Finschaffen District, in Morobe Province.
The participants of this training were mainly public servants, primary and secondary school teachers and health workers from the local Braun Hospital. They went through a week long training on the business startup process, business development skills, budgeting, cash flow, savings, and risk management including as well record keeping basics. This training was the fourth of its kind, in Finschaffen, that has long been seen as a potential area for economic growth.
The first training was held at Wengune Village organized by the Seventh Day Adventist Local Mission, the second session at Sopa Valley Primary School Mape LLG and the third one was held at Wareo Ward 5 Kotec LLG.
President of the MRSMEF, Mr. Ezra Kelly, who also facilitated the training, noted that there is a great need for there to be commercial or micro banks established to encourage the growth of MSMEs in the area. “It is a struggle for people in Finschaffen to operate, since most of the banking services available are centralized in Lae,” Ezra said.
“The cost of transport is high as well as risky, with sea transport being the main mode of getting around. A bank in the district will serve also Tewai Siassi and Kabwum District. Also the District Development Authority who intend to fund SMEs under grants, must only fund those with existing SME bank accounts and those who are financially trained and certified.”
Ezra revealed that with this training, many of the participants had identified failures in their approach to MSME and are now motivated to start off with the proper skills acquired from the training.
MRSMEF has trained over 1000 Morobeans and is excited to see the growing success stories of many of them progressing steadily. “With the current struggle of mobility in the province we estimate that it will take up to 2 years for a SME to be fully established and operating with constant income generation in Morobe Province,” Ezra Kelly said.