The Bank of Papua New Guineawill launch what is calledthe Centre for Excellence in Financia lInclusion on Wednesday.
Financia lInclusion is a term used regularly but of what relevance doesthe phrase has onthe average Papua New Guinea, is a question worth asking.
The Centre for Excellence in Financia lInclusion or CEFI (sefi) aims to eliminate financial exclusion by promoting excellence in financial services, innovative delivery channels and facilitating financial education.
This initiative falls underthe Bank’s Microfinance Expansion Projectolaunched April last year.
According to statistics, approximately 15% ofthe population have access to financial services, that’s a little over a million ofthe population which stands at about 7 million today. The remaining 6.8milion arethe unbanked lot.
The availability of resources, untapped opportunities and economic changes underway offers potential for expansion ofthe microfinance sector.
Betthe challenges arethere…low literacy levels andthe availability of infrastructure. The Microfinance Expansion Project intends to addressthese key issues.
Festus Maiginap, National EMTV News
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