Business News

Financial Education in Papua New Guinea

 

By Leanne Jorari – EMTV News, Port Moresby

More than 5000 participants of the financial education program, graduated in Madang last Friday, most of them mothers from nearby villages. Banking the unbanked is an initiative by the Central Bank of PNG, the Asian Development Bank, the Australian Government and the Government of PNG.

The Microfinance Expansion Project targets mainly the population in the rural areas of the country and has already impacted thousands of lives. The classes serve to teach these communities the importance of saving and investing, thus contributing in building the country’s economy.

At the ceremony today, the graduates were commended by the chairman of the steering committee, Mr. Benny Popoitai and urged not to be bystanders while the country’s economy grows.

As a major sponsor of the project, a representative from Australia’s department of foreign affairs and trade, formerly AUSAID shared on Australia’s interest to help stimulate PNGs economy. Also present to show their support were all of the commercial banks in the country, ready for graduates to open accounts after their ceremony.

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