Finance training hits town by storm

 By SHIRLEY MAULUDU

THE Microfinance Expansion Project carried out in Madang has created huge interest, particularly within Madang district and the town area, co-ordinator Peter Muriki said.

Muriki said the project, which is being carried out in other parts of the country, has drawn interest among residents of Madang town, Krangket, Bilia, Pana, Nobnob and Danben communities.

MEP, launched in 2012, was a comprehensive development approach designed to strengthen the growth of microfinance sector in PNG.

In Madang, MEP is partnering with Bogia Cooperative Society Ltd to deliver financial education training to at least 3,900 men and women this year.

Muriki said the key focus of the project was to increase access to credit and income-generating opportunities in rural areas and particularly for women.

He said the society had so far trained 1,661 participants of which 50% were women. 

Muriki said the highlight of the project was training of large number of unemployed youths living within the Madang town area. 

“The highlight was the break-through we had with Tropical Gems to train about 3,000 unemployed young men and women in Madang town. They are very happy.”

 with our offer and so far we have trained over 670 members in the last month and we will continue providing financial literacy training for them for the rest of the year.

Meanwhile, Muriki called on responsible authorities to assist in funding the project.

“Madang government must come up with its provincial strategy for financial inclusion and financial literacy to assist the national strategy to reach the one million new clients by end of 2015. 

“That can only be done with their budgetary support to reach the unbanked in this province,” Muriki said.

MEP was jointly funded by Asian Development Bank (ADB), Australia Government and Papua New Guinea government with Bank of Papua New Guinea (BPNG) as executing agency.