Settlers enjoy money talks

By GIBSON TORASO
THE chances of opening a bank account or having access to financial literacy classes is far beyond the reach for ordinary folks. But one local organisation – the Youth Empowerment Foundation Inc in partnership with Bank of South Pacific – is making that reality come true for some of these people who described themselves being “privileged” to access to such services training.
“This training had given me a new opportunity to learn how to save money and to do business. It’s a chance giving us (settlers) a new hope in managing little income that we earn and save some for future,” says Wendy Api, a retired nurse from Joys Bay community in Port Moresby’s Kilakila suburb during the graduation of more than 90 settlers with certificates in Financial Literacy Training last Friday.
The one-day training was run by Youth Empowerment Foundation Inc, a local non-government organisation that focuses on empowering youths for change, and conducted by the Bank of South Pacific. The training was for the settlers at Joys Bay community and it included various ways to budget money, different types of savings as well as managing other daily expenses.
Wendy, a mother of six children – four girls and two boys- said many settlers had problems with savings and never had bank accounts in which they can deposit for savings and for other transactions.
She said the staff from BSP had facilitated the training and expounded on the good and bad sides of savings and options on savings such as where to save and how they can, in groups, also open account for small businesses.
“After this training, we know that a group of seven or more mothers can join a cooperative society,” she said.
“There we can request to operate a small business. After that either BSP or the cooperative society can help fund our small business. So they would help us open account now so we would continue to save some money.”
Api said she now would spend time with her six children and husband Immanuel Aua, who is a pastor with the Soul Harvest church at 5-Mile, while engaging in small businesses.
She said her aim while at home is to do some small business to help her children complete their education and find jobs.
“Then I would be satisfied because they (her children) would be working and help look after me when I am get old.”
Another graduate Essie Poo, from Gulf, who had been residing at Joys Bay for more than 10 years, said it was a privilege for the unprivileged mothers and youths to undergo financial training and to attain certificates.
Poo said she once had a passbook account with PNGBC while she was a teacher back in her province. She now feels “privileged” to have undergone the training and looks forward to opening an account with BSP for the first time since 1997.
“Since I last had a passbook account in ’97, I never had an account, never knew how to use an EFTPOS machine or ATM to do transactions.” said Poo.
“After this I have to learn from others how to use a bank card on ATMs, EFTPOS machines and so on as I had never used one before.”
Most of the graduates and residents of Joys Bay community in Port Moresby’s Kilakila suburb acknowledged the training saying it would have greater impact on families and individuals in the communities.
“Now the empowerment and training would help more families learn how to spend money, save and to budget. It would help more families and individuals.” Mark Karo, a social worker and community leader, said.
BSP banking education officer John Gavuli said the bank would continue to partner with organisations like YEF and others to help individuals open accounts and to educate them about basic money managing skills.
“It is part of BSP’s community approach for financial inclusion as envisioned by the Central Bank and the State,” he said.
“Previously, we had registered many and opened their accounts so we would continue to reach to thousands around the country to bank the unbanked.”
YEF president Robert Thomas Yori said, “We have been doing similar things in other settlements in Port Moresby and around the country. This is one of them and we would partner to deliver more,” he said.
Joys Bay councilor Joe Vali Tau acknowledged the Bank of South Pacific and the Youth Empowerment Foundation Inc. for the training that would greatly benefit his people and change their mindset for a better tomorrow.
Tau said that while more than 90 people from the Joys Bay community graduated, more of such training was needed to include those who missed out.
“This has opened my people’s eyes. Through such training would change come to the people and the country.”