by Marie Kauna – EMTV Online, Port Moresby
Financial literacy is an important knowledge that many Papua New Guineans lack. With literacy being a challenge for many in the country; budgeting and saving is problem for many when it comes to finance.
Some lack the knowledge and therefore, do not understand the importance of savings and wise budgeting.
To help with the lack of financial knowledge, Oxfam has partnered with the Bank of Papua New Guinea’s Microfinance Expansion Project (MEP), to provide financial literacy training to locals engaged in small business activities.
In sealing this partnership, a Memorandum of Understanding was signed by Mr Ellison Pidik, the Assistant Governor of the Bank of PNG, together with David Shields, the Livelihoods Manger from Oxfam.
During the signing of the MoU, Mr Shields stated the financial literacy trainings will cover budgeting and savings for many families; and the small business activities they are engaged in including gardening.
Under BPNG’s Microfinance Expansion Program, MEP staff will provide Training of Trainers for Oxfam’s partner organsations in the HARVEST Program.
Partners under Oxfam’s PNG HARVEST Program includes Voice for Change in Jiwaka, KGWan Eco-Habitat Inc. Independent Reform and Restoration Movement (IRRM) in Simbu.
Via this training, the partners will facilitate the sessions with community members under the HARVEST Program to help boost their farming knowledge while supporting them in their financial skills towards saving and budgeting the income they earn.
With many engaged in small business activities and have seen good outcome from their business activities, the financial training will be indispensable.
Mr Shield added ‘with these skills, families will be able to plan beter for their financial futures, and even achieve their financial goals’.
In support, Lynn Ibu, Senior Business Development Officer for Oxfam, said, ” Many women and men are already increasing their incomes through selling vegetables, onions and honey and with this support to manage their finances better, they will be able to budget and save to achive their financial goals”.
The training will see over 700 men and women from Jiwaka, Simbu and Eastern Highlands to go under the program. This is another of the many initiative Oxfam PNG facilitates to help farmers in the remote areas of Papua New Guinea.
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Photo Source: Gideon Bare| Mr. Ellison Pidik, the Assistant Governor of the Bank of PNG, signs the MOU with Mr. David Shields from Oxfam.
Information and Picture Source: Oxfam PNG