Reports helps shows organisation’s progress, financial institutions told

A CAPACITY building workshop has reminded financial institutions in the country on the importance of providing organisation reports.
Director for Centre for Excellence in Financial Inclusion (CEFI) Saliya Ranasinghe told financial institutions attending a two-day workshop in Port Moresby that reports would show an organisation’s progress.
“Data is very important because it tells you where you stand and direction to take in the future as well,” Ranasinghe said.
“Data should basically put a flash light to areas that you should concentrate and focus your attention on.”
Ranasinghe said based on the annual reports provided by financial institutions, a comparison can be done to see where these organisations stand and the trend of the industry.
Microfinance Information Exchange Markets director of operations Sachin Hirani said reports provide information to different investor groups.
“It will increase the level of awareness to investors that there are Papua New Guinean financial institutions,” Hirani said.
“The largest groups that are accessing these reports are impact investor groups.”
Hirani, the workshop facilitator, said reports should be done on a timely manner and on a quarterly basis.
The capacity building workshop for financial institutions was conducted by CEFI in partnership with Mix Markets.
The workshop would equip members on how to create reports and how to use it after it was analysed by organisations such as Mix Market.
The workshop ends today.