THE Centre for Excellence in Financial Inclusion (CEFI) and the Build Bougainville Foundation Incorporated (BBFI) signed a Memorandum of Understanding (MoU) which will see both organizations establishing a partnership to roll out Financial Literacy Training in areas where BBFI is engaged and are concerned with creating financial inclusion.
The signing of the MoU on November 12 signifies an important mile stone for the foundation to reach out to its unbanked population with financial literacy education.
According to the foundation’s Chairman and CEO Mr. Romano Vandenberg, 98% of the Bougainville population are rural farmers, who need the financial literacy programme to enhance their financial lives.
Mr. Vandenberg stated that an agriculture economic boom in the autonomous region has triggered the need for his people to be educated on how to look after all their income generated through this farming practices.
“I’m happy that we have signed this MoU with CEFI to train Bougainvilleans. The financial literacy programme will also benefit our SMEs,” he added.
The MoU will enable the financial literacy trainings to be conducted in communities, schools and Women Associations Groups in Buka, where BBFI is currently engaged and support will be given to boost financial inclusion activities within the region.
Executive Director Mr. Saliya Ranasinghe stated that CEFI looked forward to working with BBFI during the three years to implement the activities outlined in the MoU.
“We are looking forward to working with BBFI to bring this important change to the lives of Bougainvilleans and to give them an opportunity to prosper. This is the starting point where we can impart this knowledge on financial well-being with the people of Bougainville & see how the positive impact it will have on the people,” Mr. Ranasinghe said.
Deputy Executive Director Mr. Peter Samuel in his closing remarks stated that much of what CEFI and BBFI will be doing is complementing the existing financial institutions that are operating in the region.
“The access is there but the usage will be a problem, and that’s where the training will come to enable our people to start using the financial services to empower themselves,” Mr. Samuel said.
“The financial literacy programs will enable them to have a mindset change, and that’s what we want. This partnership is critical that we start to change mindset in how they use their money, how they spend their money, and how to budget their money,” Mr. Samuel added.
For further information on the work of CEFI please contact CEFI Communications Team: +675 3225300, email: lomaro@thecefi.org or visit www.thecefi.org
