Financial expo successful

Weekender
FINANCIAL INCLUSION

AN ear-piercing cry of a maimai (in local New Ireland meaning chief) echoed throughout the crowd as the Bank of PNG Governor Loi Bakani and invited guests were accorded a traditional welcome.
“Wok kastom pastaim bihain yumi wokim wok blong opim expo,” I was told by a local as I tried my best to understand the traditional procession happening right before me.
Little children tried their best to peep through the crowd to get a glimpse of the VIPs as they were led to the stage by an all-male traditional singsing group.
The heavens opened up at the same time as the singing grew louder, some disappointed thinking it was brought by the men singing, but for others it was a blessing in disguise, maybe the not-so-perfect start to a very important occasion.
Over 600 residents and oil palm growers attended a two-day mini-financial inclusion exposition in Kavieng, New Ireland on Nov 27 and 28. It was hosted by Bank of Papua New Guinea and Centre for Excellence in Financial Inclusion.
The Governor of the Bank of Papua New Guinea, Loi M Bakani told the public in Kavieng to invest their earnings from oil palm-related businessed to build better lives.
“Oil palm brings over K21million in annual returns for the province, yet little seems to be transferred to empower the people and businesses.”
This event is a financial inclusion intervention to support people make informed decisions on how to save, budget and spend money within the formal institutions,” said Bakani.
The exposition had participation from Bank South Pacific (BSP), Kina Bank, Westpac, Nationwide Microbank (MiBank), Nambawan Super, National Superannuation Fund, Nambawan Savings and Loan Society, Niu Ailan Savings and Loan Society, Small and Medium Enterprises Corporation (SMEC), Teachers Savings and Loan Society, National Development Bank and the insurance industry.
Hundreds visited stalls and received specific products and services information and contact details from the licensed financial institutions in attendance. There were special panel discussions, a talk back series, and question-and-answers sessions with BPNG, CEFI and financial institution representatives.
The mini-exposition is part of an on-going commitment undertaken by the BPNG and CEFI to provide an environment for oil palm growers to gain access to financial products and services, to raise awareness on new development in the finance and banking sector, including innovative financial services and delivery channels.
In conjunction to the exposition, CEFI trainers delivered financial literacy, business development skills and training-of-trainer programmes to over 100 oil palm growers, small business owners and residents in Kavieng dristrict.
The two-week training itself was held at Liga Bible College, approximately 20 minutes’ drive out from Kavieng town.
The college is sited in front of the beautiful Liga Beach. With waves as high as a meter crashing against white sandy beaches, this surely is an exotic escape to paradise for surfing enthusiasts.
The training included financial literacy, training of trainers (TOT), financial literacy retail training and SME/business essentials skills training.
On Saturday, Nov 28, during the final day of the exposition 80 trainees received certificates for successfully completing the training.
The next mini-financial inclusion exposition will be held in Kimbe, West New Britain next year.

  • Article and picture by the CEFI Communications and Stakeholder Mobilisation unit.