FINANCIAL Inclusion is the key to improving livelihood of the people of Simbu contributing to broader economy and self-sustainability for the province.
Simbu Governor Noah Kool made this remarks when signing a MoU with the Centre for Excellence in Financial Inclusion (CEFI) to forge a partnership in rolling out financial inclusion activities and programs in the province.
“The MOU will help to identify potentials where CEFI and Simbu Provincial Government can work together especially in areas around training and implementation of Financial Inclusion activities in the province,” said Governor Kool during the signing at the Simbu Provincial Government Headquarters in Kundiawa town on Monday 14th October, 2024.
“Simbu Province is willing to partner and work with CEFI to implement financial inclusion activities in the province and this marks a new era for our people and I urged all stakeholders to support the financial inclusion in the province,” said the Governor.
He said the MoU signing was the first of its kind between Simbu province, CEFI and the Bank of Papua New Guinea (BPNG).
“Simbu needs financial literacy training as we would like to move into a broader economy for self-sustainability, (because) we don’t have the culture of savings, and we need to be more educated and be financially literate,” the Governor added.
Deputy Chief of Party, USAID PNG Lakautim Garun Program (LGP), Mr. Jordan Bulo acknowledged the partnership between CEFI and the Simbu Provincial Government and stressed that the USAID PNG (LGP) is willing to partner and work with provinces and districts to serve the rural population through the rollout and implementation of financial inclusion activities including other key areas of focus.
Assistant Governor, Financial Stability System Group, Bank of PNG, Mr George Awap thanked and commended the Simbu Provincial Government for recognising financial inclusion as an essential component of Papua New Guinea’s development plan.
“CEFI and BPNG are progressing to moving towards signing agreements with provincial governments so they can take the responsibility in taking financial education for a sustainable program,”
“Donors will support for a shorter period, but the government will take into consideration financial inclusion programs to educate the people of Simbu Province to manage their money well,” said Mr Awap.
CEFI Executive Director Mr. Saliya Ranasinghe stated that having access to financial inclusions services is very important and it starts with financial literacy training.
“The first step is to get the provincial trainers trained through CEFI training programs so that they can get other people in the province trained,” said Mr. Ranasinghe.
“CEFI’s main aim also is to work with (the) Education Department to have financial inclusion programs taught in schools throughout the country in order to empower individuals to alleviate them from poverty,” he said.
The MOU signing between CEFI and Simbu Provincial Government was a result of a partnership facilitated by the USAID PNG Lukautim Graun Program (LGP) between CEFI and the Simbu Provincial Government.
Simbu is the second province in the Highlands region after Western Highlands to enter into partnership with CEFI under the USAID PNG Lukautim Graun Program.
Other provinces who signed MoUs under CEFIs Government Engagement Program include Milne Bay, West New Britain, East New Britain, New Ireland, Madang and Kerema District (Gulf province).
