savings

Financial training focus on budget, savings

Business

SAVINGS is a big challenge for local farmers, Individual Reform and Restoration Movement chairman John Aglum says.
He attended the financial literacy training for 63 people conducted by MiBank under the Bank of PNG extension programme in Gembogl, Chimbu, through the partnership of Oxfam International and New Zealand Aid.
“The training has taught us and the farmers the importance of saving. It is a dream come true for many of us,” Aglum said.
Participant Toppy Sundu told The National that they were fortunate to receive such training.
“Of course we know how to make money from our many farming sources (agricultural produces) especially bulb onion farming. Unfortunately, we miserably lack the basic skills and knowledge to properly manage our income.”
Sundu said the training was an eye-opener for many of them.
“I am confident that any rural community in Papua New Guinea will economically prosper and improve their living standard if such training was rolled out everywhere.”
According to Oxfam, the training was basically on budget and savings. MiBank also set up agents and assisted locals to open their new savings accounts, provide assistance on the transferring of funds using mobile banking and other banking service needs.
“Sometimes the little K50 that we earn from our produce cannot be saved due to the expenses associated with travel fares to get to and from the town just to put our money in the bank,” Sundu said.

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