Providing the right financial advice to every Papua New Guinean is one way in ensuring that they are able to manage their money and build financial wealth.
This was one of the main reasons behind BSP’s decision to conduct financial literacy training for local villagers on Karkar Island, Madang province.
Many of these villagers live by subsistence farming and occasionally visit Madang town to sell their garden produce at the main markets, while some are engaged in small income generating businesses, like poultry and providing PMV services.
“The desired outcome for the delivery of this training to our local villagers and students is to teach them to become financially independent to understand the basics of budgeting and saving, and to start applying these skills to their current lifestyle,” said Maureen Robert, a BSP Financial Literacy Trainer.
The first training was conducted for Kavailo and Mom Villages, with over 40 participants. The team then visited Miak Primary School which targeted students in grades 6, 7 and 8 with a total of 99 students who attended the session.
Peter Gemeat, Headmaster for Miak Primary School said, “Basic budgeting training can be used as a tool to build wealth, and help us to manage money better.”
“Our students know the value of money, and this basic training helps them to understand and also share this with their family. Money management is a life skill that will help our young students in the future,” said Mr Gemeat.
Banking Education Manager, Sandra Renton stated, “It is important for the growth and development of Papua New Guineans to understand the basic skills of budgeting their finances, saving for future expenses and applying rules to spend their money wisely. Having the knowledge and applying the skills learnt from the training we offer, allows participants to create a simple weekly budget and helps them to plan and save effectively.”
BSP signed an MOU to deliver Financial Literacy training to Papua New Guineans in 2014. As a responsible financial institution, it continues to support Bank of Papua New Guinea’s drive to promote financial inclusion programs in PNG. With a challenging target to reach 60 000 people by 2018, BSP has reached over 43 000 since 2014.
The training includes basics in Budgeting, Savings and Mobile Money, Financial Literacy Training modules produced by BPNG for the Microfinance Expansion Project (MEP), supported by the Asian Development Bank (ADB), Australian Government (DFAT) and Papua New Guinea Government (GoPNG).