APPROVED FOR RELEASE- CEFI
THE 2024 Young Minds Savings Campaign (YMSC) in Milne Bay province concluded successfully with visits to six schools in Alotau.
YMSC is one of the objectives outlined in a MoU signed between the Centre for Excellence in Financial Inclusion (CEFI) and the Milne Bay Provincial Government (MBPG). The campaign is one of the key ticket items to be implemented under the new three (3) year MoU signed between CEFI and MBPG and is expected to end in 2027.
Schools visited included, Koeabule Primary, Alotau Primary, Rabe Primary, Cameron Secondary, Lelehoa Primary and Goilanai Primary.
CEFI, the Bank of Papua New Guinea (BPNG), Securities Commission of PNG (SCPNG), MBPG and financial intuition’s, MiBank, Womens Micro Bank (WMB), BSP and TISA visited the respective schools from August 07 to August 09.
On Wednesday August 07, MiBank visited Koeabule and Alotau Primary schools, Thursday August 08, WMB and MiBank visited Rabe Primary and Cameron Secondary and BSP and TISA visited Lelehoa Primary and Goilanai Primary schools respectively on Friday August 09.
The activities included awareness on savings, question and answer sessions followed by opening of bank accounts. Over 100 savings accounts for students were opened with follow up visits by the banks to continue for the respective schools.
Deputy Provincial Administrator – MBPG, Ms. Sharon Mua thanked CEFI and BPNG for the initiative and support to run the YMSC in Alotau.
“The Young Minds Savings Campaign is an activity of the Provincial Financial Inclusion Steering Committee’s 2024 Work plan which had been implemented successfully with the assistance from CEFI and the Central Bank,” Ms. Mua said.
“This is the first of its kind in Alotau to witness BSP, MiBank, TISA and the Mama Bank, mobilized and jointly visit selected schools within the urban settings to promote their products specifically focusing on promoting the savings culture to the children and young people.”
“The Steering Committee will continue to highlight this activity in its annual work plan to build the young minds and empower them to continue to save money for their future needs,” Ms. Mua said.
Students interviewed at respective schools were all appreciate of the YMSC and happy to have the financial institutions come to their schools and open banks accounts.
“The Young Minds Savings Campaign is really good and educational because it helps young people like myself to learn how to save up for our future,” said thirteen year old grade 7 student Israel Togumagoma of Koeabule primary school.
“I think that the Young Mind Savings Campaign is important and helpful because it encourages young people, including students, to save money and learn how to manage it wisely,” said fifteen year old grade 8 student Jenny Paul of Alotau Primary School.
Head teachers from the six schools express their gratitude to CEFI, BPNG, SCPNG and the MBPG for the campaign which they said was important to the students for their personal and educational development.
“As a teacher am very grateful that the Young Minds Savings Campaign was brought to the schools, I believe that it goes back to assisting the children to save at a very early age,” said Lelehoa Headmistress Ms. Didee Isreal.
“Usually when the children go to the banks to open accounts the processes at the banks make it very complicated for them but thanks to the campaign the financial institutions are coming all the way to our school (Lelehoa) and the children are very privilege to open accounts. We hope that it’s going to open up their minds to start savings at an early age,” she added.
CEFI Special Projects Manager Mr. Busa Jeremiah Wenogo told students during their respective visits to practice a savings culture at an early age so when they are adults they will understand the importance of managing their money.
“The objective of the Young Minds Savings Campaign, as the name says, Young Minds is to do with school kids or children. The reason why we are doing this is because we understand the importance of empowering the next leaders of tomorrow,” Mr. Wenogo told the students.
“I’m sure that all of you are also using money whether it’s your parents giving you the money for bus fares or lunch money.”
“You are actually coming in contact with money and money plays an important role in our society today, we need to be able to know how to manage money,” Mr. Wenogo encouraged the students.
“I encourage the Milne Bay Provincial Government to take ownership of the campaign and roll it out annually to all the schools in Milne Bay Province,” he added.
Mr. Abraham Moroka from BPNG stated that as school students they must make it their priority to learn about saving money in a bank account.
“We are here to tell you that your future must be secured with savings. Savings is the message that we want to pass on to you. You must look after money so that money will look after your future.”
“If your parents give you money don’t spend it all, learn to save some of that money in that way you grow into the habit of saving,” Mr. Moroka told the students.
Mr. Newman Tandawai explained the importance of the link between financial inclusion and investing in the capital market.
He pointed out that Papua New Guineans can buy shares and stocks in public listed companies if they start to develop good savings habits, that is without savings there is no investment.
Mibank Branch Manageress, Alotau Branch, Mrs. Keilo Nelson, told the students that MiBank had a product specially tailored for young children called MiPikinni Savings Account.
Mrs. Nelson said after a child opens the account they will be issued a MiPikinni Passbook, where they will use it to record their savings.
“Our account opening fees are not free but to open an account you have to start off with ten kina but for now because of the Young Minds Savings Campaign we will give you the opportunity to open a MiPikinini Savings Account for five kina.”
“We want to introduce the savings culture here into young minds and at MiBank we want to encourage you (students) to have a bank account and start savings at a young age.
“When you have a passbook savings account your money is growing and you are growing with the bank, as you grow, the bank also grows so grow with MiBank,” Mrs. Nelson encouraged the school students.
