THE EAST New Britain Provincial Government (ENBPG) has allocated K4 million as MSME Support Funds to two local financial institutions in East New Britain, according to District Business Development Officer Lui Gogor.
Kada Poroman Microfinance was allocated K2 million and East New Britain Savings and Loans Society (ENBSL) was allocated K2 million for entrepreneurs to access as a loan.
He said the initiative aims to provide financial accessibility for the MSMEs with flexible lending rates to enable MSMEs to participate meaningfully and take ownership in growing the local economy of the province.
The awareness program on financial inclusion was undertaken by 29 ward members with their ward recorders and ward development committees for economic from the Livuan and Reimber LLG in the Gazelle District in East new Britain Province.
The awareness is the first step towards getting people in the ward level prepared for the content program to be rolled out in the next quarter based on Savings and Budget, which is the major component of the training. Training will be carried out per ward. The purpose of conducting the financial inclusion training is to achieve the vision 2050 Strategic Development Plan Informal Economic Policy. The Provincial Government has aligned plans in the province with the major plans for the country.
Mr. Gogor stated that a Memorandum of Understanding (MoU) was signed in 2021 between the ENBPG and the Centre for Excellence in Financial Inclusion (CEFI) to work in partnership with the Commerce Division to roll out this program in the province.
“Programs and projects are formulated to solve problems. The problem we have today is on savings and budgeting which the government has identified,” Mr. Gogor said.
The Financial Inclusion Training is the pathway to help individuals and business entities increase income and living standards through enhancement and empowerment to fully utilize their capabilities. This training will also help children and the future generation achieve the vision in 2050.
Mr Gogor added that about 80% of the businesses are in the informal sector, but this training is also a pathway for them to get into the formal sector.
“We want many of our informal businesses to become formal businesses to increase revenue, pay taxes and also have our own money remain in the province,” Gogor said.
He also mentioned that a Memorandum of Agreement (MoA) has been signed with the Internal Revenue Commission (IRC) for 40% of the Goods and Services Tax (GST) to remain in the province.
He added that the financial literacy and financial education will be incorporated into the curriculum level of education where students can impart the business skills in them.
