Owners need training: Pidik

PEOPLE need more financial literacy training to set up small and medium enterprises, says Bank of PNG assistant governor Elison Pidik.
“The country has a challenging policy on SMEs but people cannot start SMEs because they say access to credit is very difficult,” Pidik said.
“Banks will look at your application, they will look at your track record, all these things point to financial literacy,” he said.
Pidik told a financial literacy training in Port Moresby on Friday that financial literacy was needed because it would change the standard of living and show people what it really meant to create value in their businesses. “The crux of financial literacy is about creating wealth and have a series of income-making assets,” he said.
“So if one breaks down, there are still others generating income.”
Pidik said financial literacy was not really about the power of money, but rather, having a sound mind that would help people know how to use money and channel it to work.
He said with financial literacy and a good cash flow, it would enable people to make good decisions.