PM to launch new initiative

 By MALUM NALU

PRIME Minister Peter O’Neill will today launch the Centre for Excellence in Financial Inclusion (CEFI), which aims to give financial clout to ordinary citizens.

CEFI is an initiative of the Microfinance Expansion Project, which is co-financed by the Asian Development Bank (ADB), Australian Agency for International Development (AusAID) and the national government.

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

“CEFI is designed to be the coordinating entity for all initiatives related to financial inclusion by driving the national strategy for financial inclusion in Papua New Guinea,” he said.

“The concept of CEFI is the result of a series of national and regional level consultation workshops.

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

Bakani said many initiatives had been underway to enhance financial inclusion in PNG.

“They include financial education for communities, promotion and strengthening of financial institutions, innovations in financial products and delivery channels, and making appropriate changes in regulation to keep pace with the changes in the sector,” he said.

“As these initiatives gain significance, it is also important that we join hands to ensure we have a strategy on financial inclusion and coordinate our efforts to ensure optimal utilisation of resources.

“It is vital that we appreciate every endeavor undertaken to enhance financial inclusion.”