Coordinator: Project needs more funding

 By SHIRLEY MAULUDU

THE Microfinance Expansion Project (MEP) group tasked to conduct financial literacy trainings in remote areas of Madang is seeing challenges with funding, an official says.

Bogia Coorporetive Society executive director and MEP coordinator Peter Muriki said the Madang team was contracted K170,000 for this year to carry out the training project in the province.

The project is co-funded by Asian Development Bank (ADB), AusAID and the PNG government.

He said yesterday that funding remained a challenge for the Microfinance Expansion Project (MEP).

Muriki said the unbanked population in rural areas could not be reached and added that funding for such project had to be increased.

He said the 14 member-team was expected to reach 3,900 people by end of the year through carrying out financial literacy and aimed to bring many people as possible, from the unbanked population of about 80%, into the banking system.

He called on the provincial government to assist in funding for capacity building for the people, who had no knowledge on financial and banking services. 

Areas covered in the project include, savings and budgeting.

“We decided to cover these two topics first and go on to issues like borrowing and bank loans. We have to set them up with knowledge on how to save before they can have the money to go on to borrowing or obtaining loans as they might want to borrow money to set up their own little business.” 

The team covered areas of Bogia, and parts of Sumkar districts in the first quarter.