New financial centre to ‘empower small people’

 PRIME Minister Peter O’Neill yesterday launched the Centre for Excellence in Financial Inclusion (CEFI) to empower small people by giving them financial clout.

CEFI is an initiative of the microfinance expansion project co-financed by the Asian Development Bank, AusAID), the national government, Bank of PNG and technical partners Microsave, an international development consulting firm.

“Financial inclusion has been a muck talked-about issue globally in the recent years,” he said.

“We have talked about a spurt of initiatives towards including financial inclusion by a diverse range of players – microfinance institutions, commercials banks, telecom companies and community-based organisations and it is time we bring all these initiatives together through a national strategy for commercial inclusion and follow a comprehensive approach.”

CEFI chairman and Bank of PNG Governor Loi Bakani said the new initiative would co-ordinate all financial inclusion in PNG.

“CEFI is designed to be the coordinating entity for all initiatives related to financial inclusion.

“CEFI efforts will be a major step in achieving the objectives of Vision 2050, with wealth creation, institutional development and community development as its key pillars.”