The Centre for Excellence in Financial Inclusion (CEFI) has announced significant achievements in its 2024 Annual Report, themed “A Year of Progress, A Future of Promise,” highlighting a year of growth, strengthened partnerships, and expanded impact across Papua New Guinea.
Acting Executive Director Peter Samuel described 2024 as a transformative year driven by collaboration, innovation, and a shared commitment to advancing financial inclusion.
“The year 2024 has been one of remarkable growth, renewed partnerships, and tangible impact across Papua New Guinea’s financial inclusion landscape,” Mr. Samuel said.
A key milestone was the successful hosting of the inaugural Financial Inclusion Policy Forum and Excellence Awards in November, which brought together leaders from government, private sector, and development partners including abroad.
The event recognized excellence across seven categories and reinforced CEFI’s role as a catalyst for inclusive financial growth in the country.
Partnerships remained central to progress, with nine Memoranda of Understanding signed in 2024. Notable collaborations included engagements with key foundations and provincial governments, enhancing outreach and tailoring financial inclusion initiatives to local communities.
CEFI also reached a historic milestone in education, developing a nationwide Financial Education Curriculum for schools from Preparatory to Grade 12 in partnership with the Department of Education. This initiative produced 53 curriculum resources, strengthening long-term financial literacy.
Another major highlight was the launch of the PNG Green Finance Centre in March, marking a strategic shift towards integrating financial inclusion with environmental sustainability and climate resilience.
“Through inclusive green finance, Papua New Guinea is charting a path where economic empowerment and environmental responsibility go hand in hand,” Mr. Samuel stated.
Financial literacy efforts continued to expand, with 959 individuals who were certified as CEFI trainers in 2024, including most women. Nationally, bank account ownership rose to over 4.3 million, with more than 1.5 million accounts held by women, this demonstrates the demand for financial services and also indicates the tremendous job CEFI is doing with all the licensed commercial banks in its various outreach programs.
Programs such as the Young Minds Savings Campaign and the Market for Village Farmers Project further extended impact, supporting students, farmers, and rural communities through financial education, improved access to services, and increased participation in agribusiness.
“The progress achieved in 2024 is a testament to what can be accomplished through vision, collaboration, and perseverance,” Mr. Samuel added.
CEFI reaffirmed its commitment to building a financially inclusive, sustainable, and resilient Papua New Guinea, ensuring all citizens have the opportunity to participate in economic growth.