Residents end financial literacy course

 MORE than 3000 Madang residents celebrated the completion of a financial literacy course last Friday, bringing total number of course graduates to almost 100,000. 

The course was part of the Microfinance Expansion Project, an initiative supported by Asian Development Bank and Australia and PNG Governments.

“The Microfinance Expansion Project is providing fundamental financial knowledge to a huge number of rural people,” Bank of PNG deputy governor and chairman of the project’s steering committee Benny Popoitai said. 

“This will enable them to open bank accounts and, potentially, access credit and start businesses, thereby spurring economic activity. 

The project, which was launched in April 2012, is aimed at increasing financial inclusion in PNG and provide financial literacy training to 130,000 people by the end of 2018. 

It also recognises the need to support financial and social empowerment of women. “Having women make-up almost 50 per cent of the participants is a key achievement of this project,” ADB’s Pacific Liaison and Coordination Office Regional Director Andrea Iffland said.