SMEs (Small to Medium Enterprises) in Wabag , Enga province will benefit from financial
literacy training programs following a Memorandum of Understanding (MoU) between the
Centre for Excellence in Financial Inclusion (CEFI) and Regina Sagu Foundation (RSF).
Both organizations recently signed the MoU in Port Moresby which will see CEFI conduct
Financial Literacy Training of Trainers programs targeting women in SMEs, in Enga province
and in the National Capital District.
RSF plans to deliver both trainings to 30 participants each in Port Moresby and Wabag on
two main modules which are savings and budgeting.
Founded by the late Justice Regina Sagu, RSF is based in Port Moresby but has begun
establishing its operations in Wabag, Enga province as of June 2024.
RSF has conducted Gender Based Violence sensitization awareness training for staff and
teachers in schools, starting with Kopen Secondary, and is now focused on women in SME.
The organization’s main interest is integrating financial literacy into their existing programs to empower SME women and market management in Wabag, responding to a strong demand for financial training and their work in Wabag has identified an urgent need to equip women with financial skills, particularly given the region’s vulnerability to natural and social-ethnic challenges.
RSF’s aim is to support SME women and market vendors in Wabag by empowering them to
better manage and grow their business, ultimately helping them transition from the informal economy to the formal financial economy.
Executive Director Mr. Saliya Ranasinghe during the signing ceremony on Friday 4th October, thanked RSF for reaching out to CEFI to conduct the training adding this important partnership will go a long way in benefiting women SME’s to improve their knowledge and skills in financial literacy.
“It’s encouraging to see that your organisation is giving prominence to parting this knowledge to the community groups whom you are working with. I’m sure that it’s going to change the lives of the people for the future,” said Mr. Ranasinghe.
“Changing mindsets is important and I hope that the partnership that we are establishing today will take us through this transformation process and to make this place a better place for the younger generation of this country.
Mr. Ranasinghe encouraged RSF to invite banks when conducting the financial literacy training to open bank accounts and also do an evaluation after a year of doing the training to see the impact it has in changing people’s lives.
In response Ms. Grace Ma’ai, RSF Acting Director and President thanked CEFI for the
promptness in progressing the MoU signing to commence the training.
Ms. Ma’ai emphasised the MoU signifies hope in the communities RSF works with especially
in Wabag empowering women and youths, sporting groups, school and educational institutions and SME women.
She added that is RSF’s ambition and they look forward to working with CEFI in delivering
the training to these groups of people and monitor how they are implementing the training to improve their lives.
“This partnership is a big step forward for RSF and its communities and we look forward also to working together with CEFI,” said Ms. Ma’ai.
“We (RSF) are self-funded and open to activities that will enhance and help our communities to bring better economic resilience and reduce poverty to the community,” she added.
RSF partnership with CEFI will see the following deliverables; Training the trainers, RSF
enabling them to independently deliver financial literacy programs as part of their ongoing
GBV sensitization workshops, provide certified financial literacy training to over 1000 men,
women and youths from SMEs in Wabag and expand their capacity building efforts beyond
Wabag, and potentially into Telefomin, Sandaun Province in the future.
