More than 4,000 Jiwakans had the privilege to graduate in a Financial Literacy Course on Friday, September 2.
The course, which is part of the Microfinance Expansion Project, is an initiative supported by Asian Development Bank (ADB) and the governments of Australia and Papua New Guinea (PNG).
It is part of a four year long initiative organised by the Asian Development Bank to help people open bank accounts and undertake other formal economic activity.
Assistant Governor of the Bank of Papua New Guinea, and Project Director of the Microfinance Expansion Project, Ellison Pidik, who was leading the graduation ceremony, reiterated that the Microfinance Expansion Project provides critical financial knowledge to a large number of people in rural communities across Papua New Guinea.
“Such knowledge is a prerequisite to opening bank accounts and other formal economic activity such as accessing credit to start or expand businesses,” Pidik said.
More than 400 students from the local schools were part of the graduates who each opened bank accounts at a stall which was set up at the ceremony.
Almost half of all trainees were women, as the project recognises the need to support the financial and social empowerment of women.
Women who graduate in this course take with them the knowledge needed to engage in the formal economy, said Emma Fan, ADB Pacific Liaison and Coordination Office Regional Director.
“They can then share the knowledge with other women helping driving a shift in women economic empowerment.”
Based in Manila, ADB is dedicated in reducing poverty in Asia and Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Others also present at the ceremony were Second Secretary at the Australian High Commission, Christopher Gibson, representatives from the National and Provincial governments and local organisations, held at Upper Tuman in Jiwaka province.