THE Centre for Excellence in Financial Inclusion (CEFI) and the Wau-Waria District have signed a three-year Memorandum of Understanding (MoU) to roll out financial inclusion initiatives across the district, including financial literacy training and awareness programmes.
The agreement, signed in Lae on Friday, marks Wau-Waria as the second district to formalise a partnership with CEFI, following Kerema District. The MoU will take effect from 20 February 2026 to 20 February 2029, with both parties anticipating renewal subject to review and necessary amendments to agreed activities.
The partnership will focus on advocacy and adoption of the National Financial Inclusion Strategy (NFIS) 2023–2027, implementation and monitoring of banking access points, delivery of financial literacy and business essential skills training, development of work plans and funding arrangements, awareness campaigns, research and survey activities, as well as monitoring and evaluation reporting.
Acting Executive Director of CEFI, Mr Peter Samuel, reaffirmed the organisation’s commitment to expanding financial inclusion in rural districts. He described the partnership as a strategic step towards integrating the informal economy into Papua New Guinea’s formal financial system.
“Our role is to bring the 70 per cent into the financial system by changing mindsets and building a healthier relationship with money,” Mr Samuel said, noting that nearly 70 per cent of Papua New Guineans remain in the informal, cash-based sector.
He emphasised that financial literacy goes beyond saving and addresses generational attitudes towards budgeting, investing and wealth creation. “Unless people change, the system will not change,” he said.
Mr Samuel added that CEFI’s programmes aim to link individuals to banking, insurance, superannuation and investment opportunities, while promoting better understanding of financial products. He also outlined plans for incubation hubs and FinTech initiatives, stating that “graduates should become employers, not just job seekers”.
Meanwhile, the Member for Wau-Waria and Chairman of the Wau-Waria District Development Authority, Hon. Marsh Narewec, described the MoU as a significant milestone in strengthening financial literacy and inclusive banking services in the district.
He said the agreement formalises a structured approach to delivering financial education and improving access to banking services for communities across Wau-Waria.
Hon. Narewec explained that discussions with CEFI began in 2023 but were delayed to ensure foundational banking services were established first. “We needed to put the cart before the horse,” he said, stressing that financial training would only be effective if residents had access to functioning banking services.
With Mama Bank now operating in the district, offering loans and account services, he said the district was ready to proceed. “Knowledge is the very key. Saving money is very important. We must develop a saving culture,” he stated.
He further called for a shift in mindset, describing it as clearing “the biggest jungle in our minds”, and emphasised that financial awareness, alongside health and education, is essential for sustainable development.
Hon. Narewec reaffirmed the District Development Authority’s full support for the partnership, expressing confidence that the initiative would empower communities to become financially secure and economically active.”