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Port Moresby
September 28, 2020
Business News

BPNG: Financial Education For The Unbanked

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The Bank of Papua New Guinea, Nationwide Micro Bank and K-1 Association signed a partnership agreement confirming a commitment to deliver financial education training to sixty one thousand people in the country.

This financial agreement will provide and support financial education to the people and will also include the Women’s Microbank.

 

A mile stone initiative of the Bank of Papua New Guinea with the partnership of the Asian Development Bank, the Microfinance Expansion Project aims to reach out to the people of the country in the area of financial education.

 

As part of the agreement signed, the Nationwide Micro Bank, one of the leading microfinance service providers, will deliver financial education training to 11, 000 of its existing and prospective clients through its branch network.

 

With 85% of the population having no access to bank accounts, this project aims to reach these people and educate them.

 

Local financial education contract management firm K-1 Association, will deliver training to fifty thousand people in the Momase, Highlands and Niugini islands regions.

 

The project has designed six financial education modules in consultation with community groups that include Savings, budgeting, banking services, debt management, financial negotiations and mobile money.

 

Meanwhile the first twelve trainers under the project, graduated last week to kick start the program in the country.

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