Category: News Article

Josephine Takup is no stranger to the surroundings of a classroom settings or standing in front of a class audience and teaching a group of adults.

In fact she is a model teacher in charge of adult literacy in her village Boroi in Bogia District, Madang province.

Boroi Adventist School in Yawari Ward 3 is run by ADRA (Adventist Development Relief Agency) a pilot project conducting education lessons.

Her field of expertise in the health sector is working with non-government agencies in her ward serving her community in providing much needed basic health services.

According to Josephine teaching has also become part and parcel of her experience, two jobs she says are very similar as it deals with people.

But one area that has also concerned her is the lack of knowledge her community know about savings.

The determination to educate the community drove her to attend CEFI’s second Training of Trainers Training held in Madang province.

She revealed in an interview that when the window of opportunity presented itself, she took it gladly knowing the knowledge she will be acquiring will benefit her people.

“Oh yes this is my first time to attend a ToT training run by CEFI,” she quipped.

“My dream is always to serve my people back home and now that I have finally completed this training I’m able to educate my people and teach them how to save and budget (their finances),” Josephine said.

Forty year old Campbell Poka an IT Technician by profession and from Baiteta Village, in the Ambenob Local Level Government  area, thanked CEFI and the Department of Community Development and Religion (DoCDR) for the training.

“I’m really excited to go back to my community and impart the knowledge to my community and also empower and create employment opportunities for my youths back in my village,” Campbell said.

Josephine and Campbell were among 14 women who were part of 30 Training of Trainers participants who successfully completed a five day financial literacy trainers training held at the Madang Resort.

The training sponsored by the DoCDR and was held from July 8-12.

Among the distinguished guests invited to attend the training of trainers training graduation were, Madang Province Governor Hon. Ramsey Pariwa, Mr. George Awap, Assistant Governor, Financial Stability System Group, Bank of Bank of PNG, who was also accompanied by CEFI’S  Executive Director Mr. Saliya Ranasinghe and Deputy Executive Director Mr. Peter Samuel.

Mr. Awap gave the keynote speech on behalf of the CEFI board and management where he emphasized on financial literacy being one of the pillars of sustainable development which thereafter the Assistant Governor then presented certificates to some of the participants with the help of other board members of the CEFI board.

“What you have just completed would turn you into what we call champions for financial inclusion,” Mr. Awap told the graduating participants.

“Being  a champion is about fighting a course to make sure that everybody has a bank account and an opportunity to have access to financial services.”

Mr. Awap told the participants that being a trainer is an instrument that you can use to influence others to change their financial behviours.

Madang Governor Hon. Ramsey Pariwa who was present to witness the brief graduation ceremony and certificate presentation, congratulated the participants and encouraged them to go out to their respective communities and educate their people on financial literacy.

The Governor thanked CEFI and the DoCDR for facilitating and sponsoring the training adding this was also part of his administration’s plans to equip the people with financial literacy knowledge.

 

Ends.

Image Captions:

Photo 1 – Josephine Takup

Photo 2 – Campbell Poka

Photo 3 –  (from left) Mr. George Awap, Assistant Governor, Financial Stability System Group, Bank of Bank of PNG and Alternate Chair CEFI Board, presenting a trainee participant his certificate during the graduation ceremony.

Photo 4 – (from left) Ms. Susil Nelson Kongoi, CEFI Board Member and Chief Executive Officer Institute of Banking and Business Management, presenting a trainee participant her certificate during the graduation ceremony.

Photo 5 – (from left) Mr. Sanja Pepae, First Assistant Secretary, Macro Planning, representing Department of National Planning and Monitoring and also representing CEFI Deputy Chair and Board Member Mr. Michael Tumbo Kumung, presenting a trainee participant his certificate during the graduation ceremony.

Photo 6 – (3rd from left ) Mr. George Awap, Assistant Governor, Financial Stability System Group, Bank of Bank of PNG and Alternate Chair CEFI Board, (4th from left ) Madang Province Governor Hon. Ramsey Pariwa, CEFI Board and trainees pose for a group photo following the presentation of certificates.

 

 

The Centre for Excellence in Financial Inclusion (CEFI) and the IBS University signed a Memorandum of Understanding which will see both organization working in collaboration towards promoting entrepreneurship and microfinance education.

The MoU was signed on Tuesday, 11^th June 2024 at the CEFI Head Office in Port Moresby between CEFI Executive Director Mr. Saliya Ranasignhe and IBS University Vice Chancellor Dr. Ramacchandra Aruncham.

The MOU between CEFI, IBS University and IBS Centre of Excellence Limited (IBSCOE) signifies a collaborative effort to advance education, particularly in the realms of entrepreneurship and microfinance, fostering mutual growth and development.

 

Recognizing the significance of promoting entrepreneurship and microfinance education, CEFI, IBS University, and IBSCOE aim to synergize their expertise and resources.

 

This three year partnership endeavors to integrate CEFI’s proficiency in digital financial literacy and online training methodologies with IBS University’s esteemed academic programs.

 

Executive Director Mr. Saliya Ranasinghe stated that CEFI was proud to come into partnership with IBS University and was looking forward to collaborate with the university to achieve some of the objectives outlined in the MoU.

The objectives include collaborative curriculum development, capacity building and training for students and staff, mutual learning and exchange and promotion of financial inclusion.

Vice Chancellor Dr. Ramacchandra Aruncham emphasized the important role the university played in providing world class education, training and research adding it was similar to CEFI whose main aim is to promote financial inclusion.

“A good opportunity for IBS staff to get training from CEFI and then we can re-impart the same knowledge to these students and they will spread that information to every province,” Dr. Ramacchandra.

Image Captions:

Photo 1- (from left to right): CEFI Executive Director Mr. Saliya Ranasinghe, CEFI Deputy Executive Director Mr. Peter Samuel, IBS University Vice Chancellor Dr. Ramacchandran Arunchlam and Dr. Emmanuel Aquino, Dean of Students, during the signing of the MoU.

Photo 2 – (from left to right): CEFI Executive Director Mr. Saliya Ranasinghe, CEFI Deputy Executive Director Mr. Peter Samuel and  IBS University Vice Chancellor Dr. Ramacchandran Arunchlam.

Photo 3 – (from left to right): Dr. Emmauel Aquino, IBS Dean of Students, IBS University Vice Chancellor Dr. Ramacchandran Arunchlam,  CEFI Executive Director Mr. Saliya Ranasinghe, CEFI Deputy Executive Director Mr. Peter Samuel signing the MoU documents.

Photo 7- (2^nd from right): CEFI Executive Director Mr. Saliya Ranasinghe and IBS University Vice Chancellor Dr. Ramacchandran Arunchlam (3^rd from left) shaking hands to confirm IBS University and CEFI’s partnership. Witnessing the signing is Mr. Damith Nayanrathana IBS Corporate Service Manager (1^st from left),  Dr. Emmauel Aquino, IBS Dean of Students (2^nd from left) and  CEFI Deputy Executive Director Mr. Peter Samuel (1^st from right).

 

The Centre for Excellence in Financial Inclusion (CEFI) hosted a panel discussion on Small Business Debt Management for Women MSMEs (Micro Small and Medium Size Enterprises) on June 27.

The activity coincided with the World MSME Day, which falls every year on June 27 and recognizes MSMEs worldwide who make a vital contribution to economic growth and development of their country.

Theme for MSME Day 2024 is, “Leveraging Power and Resilience of MSMEs to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple Crises,” underscores the critical role that MSMEs play in achieving sustainable development goals (SDGs) and fostering economic resilience.

The MSMEs represent a seedbed of entrepreneurial skills and innovation, contribute to job creation, and are considered the backbone of the global economy.

In Papua New Guinea, the number of MSMEs sprouting across the length and breadth of the country is inspiring as the ripple effects are reflected in the creation of numerous jobs directly and indirectly especially in the informal sector.

From food selling to tailoring the goal is the same, to earn money to support family households, but the biggest challenge local MSMEs face is ‘debt management’. Micro finance institutions have made access to finance possible for MSMEs across the country to enable small business people to utilize debts in order to improve and expand their business operations. Debt repayment, however remains challenging for women run MSMEs.

That was the key focus for CEFI in hosting the panel discussion and inviting over 20 twenty MSMEs in Port Moresby who were currently replaying small business loans to attend and listen and join in the discussions on ‘debt management’ with four panel experts.

The panelist included;

Vashiti Imar – Owner / Cake Decorator – Vashiti’s Cakes and Cupcakes,

Jessalin Airi – Senior Recoveries Officer – MiBank,

Elizabeth Jiko Alois – Managing Director – Hyang Limited and

Nellie Kavanamur Varmari – Founder – Central Dakis Maima/Mamina Trading

Guests speakers including CEFI’s Executive Director Mr. Saliya Ranasinghe and Mrs. Sabina Deklin Manager – Banking Supervision Department, Financial Systems Stability Group – Bank of PNG, had one key message for the women MSME in attendance, ‘be disciplined and committed’ in repaying their loans.

“Debt management is a key constraint that many MSMEs face and it is understandable that as a business woman you will face a lot of social pressures,” Mr. Ranasinghe told the women.

“We (CEFI) will be introducing debt counselling soon and we would like to invite you to come see us and discuss your (debt) problems and on your behalf also be talking with the banks, /; added Mr. Ranasinghe.

In commenting on the important role MSMEs play in developing the country’s economy in creating employment and contributing to the national’s GDP, Mrs.Sabina Deklin was encouraged to see many involved in this space adding this is a positive indicator of  elevating poverty, one of the targets set out under the sustainable development goals.

Mrs. Deklin highlighted the challenges to accessing finance as well as paying taxes and superannuation as other challenge established MSME businesses face, but the key she emphasized is to overcoming the challenges is knowing how to be discipline and committed in managing your debt.

Other guest’s speakers who shared testimonies of MSMEs who properly managed their debt to become successful in operating their respective business include, Mr. Danny Koka, Manager-NFIS Coordination and Stakeholder Engagements, Mr. Mr. Jamie Lopa, Manager – SME Development Division – Small and Medium Enterprises Corporation and Dr. Elizabeth Kopel, Senior Research Fellow – Informal Economy Research Program, PNG National Research Institution.

The conclusion of a two day training and workshop on Climate Change will now enable financial institutions and business advisers the leverage to comprehend the approach in delivering climate related services and finance.

Business Link Pacific (BLP) facilitated the training and workshop with the support of the Centre for Excellence in Financial Inclusion, the Green Finance Centre and the New Zealand Foreign Affairs and Trade.

On Monday June 24, eleven BLP approved business advisors attended a Climate Climate Change Innovation Training aimed at preparing business advisors with knowledge, approaches and tools to offer climate related services to SMEs.

BLP approved business advisors that attended the training included; Beach Accounting Advisory, Human Capital Management Solutions, PK Advisors, Aidan Limited, Infinity Workforce Consultancy, KLG & Co, Business Consultants, Kowas Charted Accountants, SNS Tech, Emmanuel Bogiono & Associates, Spectrum Consultancy Services and Itanata At Work Services Limited.

The second day a Climate Change Financing Workshop held on Tuesday June 25, focused on Financial Institutions which saw a total of 18 participants mainly from the commercial banks, micro banks, savings and loan societies and other licensed financial intuitions.

The objective of the workshop was to understand the need and benefit of offering climate finance in Papua New Guinea and learn how to create appropriate SME climate finance for the respective financial intuitions.

Shira Dumba, an Associate Director, Resources, Energy and Infrastructure with ANZ Bank, shared her thoughts on the Climate Financing Workshop, “Coming from ANZ as a global bank, we already have a sustainable finance products in the global market and so what was beneficial for me was trying to understand what we can implement that in the local PNG context, that was my big take away.”

“A big challenge but we are looking forward to this new phase that we are going through with green finance loan products and help mitigate climate change,” she added.

Karai Morea, Head of SME, Commercial – Moni Plus, was grateful for the opportunity to be taught about the importance of climate change finance and benefits it would have on the country.

“Attending the workshop gave me a broad overview of what the impact is and how it’s related “Mr. Morea said.

Lillian Camacho, Trainer Climate Change Advisor –BLP, when commenting on the participant’s interaction and engagement over the two days, was encouraged by the amount of interest and discussion adding this showed the awareness and eagerness to learn more.

“Business advisors basically walked away understanding how they could analyze and integrate inclusive practices and gender inclusion, disability inclusion, etc, into the climate change projects that businesses have been designing.”

“Managers from banks and financial institutions learnt core concepts around climate change, what climate change is, the context in PNG and a lot of work has that has gone into developing a national frame work taxonomy for green support in the country,” she added.

Richard Busby, Senior SME Banking Specialist – BLP, said it was encouraging to see the enthusiasm and willingness from the participants to learn new concepts they can take away as part of the impending new policy that is coming into force in PNG around climate change, development of new products and the level of engagements and collaboration.

On April 25, 2023, the Centre for Excellence in Financial Inclusion (CEFI) and the Bank of Papua New Guinea (BPNG) launched the National Financial Inclusion Strategy 2023-2027 (NFIS). The strategy is the third installment after the National Financial Inclusion and Financial Literacy Strategy 2014-2015 and the National Financial Inclusion Strategy 2016-2020. The two earlier strategies primarily focused on reducing the huge financial exclusion level in Papua New Guinea (PNG), that was at one stage considered to be one of the highest in the South Pacific region and the world. Fortunately, this level has seen a sizeable reduction to somewhere between 75 to 80% thanks to the ongoing efforts and leadership of BPNG and CEFI. Since the introduction of the first strategy in 2014 until the fourth quarter of 2023, 4 million bank deposit accounts have been opened. Within this same period 16,094 access points (ATMs, EFTPOS, bank branches and bank agents) have been established. Transactions using mobile phone banking and other digital platforms have also seen a substantial increase, as depicted by the total number of mobile financial services accounts in the table below showing the Financial Inclusion Data for 2023.

These are impressive numbers no doubt. However, the battle is far from over as a good chunk of PNG’s population is still financially excluded.

The new strategy aims to use these earlier successes as a stepping stone to make further strides to expand financial inclusion in the country. Similar to its predecessors, the new strategy recognizes the important role of financial institutions. The signing of the Institutional Commitment of Measurable Inclusion Targets (I-COMMIT) agreement by the heads of the various commercial banks, microbanks, and savings and loans societies with the BPNG Governor, signifies this. Besides the financial institutions, the successes of the two previous strategies also demonstrated the important role of the government in driving the financial inclusion agenda. For instance, BPNG-led initiatives such as the Financial Inclusion Exposition and the Young Minds Savings Campaign, including research and reform, paved the way for the financial inclusion agenda to have wider recognition. Events such as the Financial Inclusion Exposition and Young Minds Savings Campaign brought the public, school kids, and the banks together to exchange information and ideas. Some of these initiatives were groundbreaking in their own right despite very little to no government support. Nonetheless, for these initiatives to deepen financial inclusion and widen its impact, focus should now turn to provinces and districts where the bulk of the people are said to be “financially excluded.” To reach these people, it is impossible for financial institutions, BPNG, and CEFI to do it alone. They need the government to come on board and provide the enabling infrastructure and socio-economic environment. This is the challenge facing the current strategy.

Once the government is on board, initiatives such as the financial inclusion expos and the young minds savings campaigns can be spearheaded by the government, preferably at the sub-national level. Thus, these activities can be featured on the government workplan and budget. The message here is that financial inclusion should not be an agenda exclusively left to BPNG, CEFI, or banks for that matter, to address. Rather, it needs to be embraced by the entire government machinery given that it is a cross-cutting issue that underpins the modern economy that PNG aspires to become.

As the lead implementing agency of the NFIS in PNG, CEFI has already embarked on forging partnerships with provincial governments via its Provincial Government Engagement program. The program will be implemented through a three-phased approach. The first phase will be mainly focused on advocacy and awareness raising where the main outcome will be the signing of the memorandum of understanding (MOU) between CEFI and the provincial government. The second phase will be primarily focused on implementing key programs and activities to promote financial inclusion. Key activities include the rollout of financial literacy trainings, financial inclusion expositions, young minds savings campaigns, carrying out relevant surveys, account opening, onboarding of bank agents, set-up of ATMs and EFTPOS, and the digitization of the payment system to assist with the effective delivery of services. The last phase is where evaluation and impact assessment will be carried out to assess the impact of these interventions.

The program is still in its infancy stage, but some good progress has already been made. CEFI has signed MOUs with West New Britain Province (WNB), East New Britain Province (ENB), Milne Bay Province, Western Highlands Province, New Ireland Province, and Kerema, which has become the first district in the country. Of the five provinces, WNB and Milne Bay are leading the way. They are followed closely by ENB. For these provinces, progress has been made in setting up a provincial steering committee to guide and provide oversight on the rollout of financial inclusion initiatives in their provinces. The committees in these three provinces are chaired by deputy provincial administrators. At the technical level, the respective commerce division has appointed an officer to act as a focal point to coordinate financial inclusion activities in the province. With these mechanisms in place, several financial literacy trainings have already been conducted for both trainers and the community at large. In the case of ENB, almost all the districts in the provinces have had financial literacy trainings conducted. The next step will be to undertake regular monitoring and impact assessments to measure the impact of these trainings in the communities. Seeing the importance of this program, WNB Provincial Government has already extended its partnership by another three years while Milne Bay Provincial Government is working towards renewing its partnership. To recognize provincial governments who have been championing financial inclusion initiatives in their province, CEFI and BPNG plans to award the best performing province under its Financial Inclusion Excellence Awards. These awards are expected to be unveiled this year during the inaugural Annual Dialogue Forum to be hosted by CEFI.

Looking ahead, CEFI plans to sign on more provinces until the whole of Papua New Guinea is covered. While this is a must and a commendable goal, achieving it will require not just the banks and development partners, but essentially national and sub-national government to work with CEFI and the Bank of Papua New Guinea. After all, expanding financial inclusion to all the provinces and districts is fulfilling the nation’s Vision 2050.

Article by Busa Jeremiah Wenogo

Mr. Wenogo is a development economist whose interest covers informal economy, SME, and financial inclusion. He is employed by the Centre for Excellence in Financial Inclusion (CEFI) as the manager in charge of its Special Projects Unit. The Unit is taking the lead in advancing partnership between CEFI and the provincial government and district authorities. Prior to this, for almost a decade, he was at the forefront of policy and legislative work around the informal economy in PNG while working with the PNG Consultative Implementation & Monitoring Council.

The Centre for Excellence in Financial Inclusion (CEFI) has partnered with Aflatoun International to deliver financial education for children and young people in Papua New Guinea.

Both CEFI and Aflatoun signed a virtual Memorandum of Understanding (MoU) on Tuesday May 14 which will see both organization working together in partnership to achieve the objectives and goals of the MoU.

Aflatoun an international organization works with a strong network of Non-Government Organization and governments to deliver social and financial education to millions of children and youths in the most effective way possible around the world.

Executive Director Mr. Saliya Ranasinghe when giving a brief back ground on CEFI told Aflatoun CEO Mr. Roeland Monasch that financial literacy has been a forefront of CEFI’s activities as it was an entry point for financial inclusion in the country.

Mr. Ranasinghe further stated that CEFI has reached over 250,000 people in the country with its Financial Literacy Training  and Training of Trainers programs and the results has seen over a thousand certified trainers specialized in training financial literacy training or adult training.

He said CEFI’s recent partnership with the Department of Education to introduce financial education into school curriculum will further strengthen the partnership with Aflatoun to deliver financial education for children in PNG schools.

Mr. Ranasinghe also announced that CEFI’s Financial Inclusion and Capacity Development Manager, Jill Pijui and three officers from the Department of Education will attend Aflatoun’s annual conference on financial education in Cebu, Philippines later this year.

CEO Mr. Roeland Monasch said Aflatoun was thrilled to work with CEFI to assist and facilitate the delivering of financial education in the country.

“I’m very excited to discuss and sign this partnership with you today (Tuesday May 14). At Aflatoun we strongly believe that children, young people and youths need to learn about finance as soon as possible,” Mr. Monasch said.

“We like the approach to work with you in a way where we can assist, facilitate, but you (CEFI) are in the driver’s seat, that’s very important.”Mr. Monasch stressed.

“We provide content and help local contextualization, but it’s the organizations on the ground who know what’s needed, who know what is appropriate, who need to take the lead and are in the driving seat to  facilitate, that financial education should facilitate towards financial inclusion,” he added.

The overall goal of the MoU is to build a collaboration between CEFI and Aflatoun International which both parties agree to;

• Rely on the mutual desire to apply the principles of the Universal Declaration of Human Rights and the UN Convention on the Rights of Child
• Work together to advocate for the need of social and financial education for children and young people
• Collaborate to develop social and financial education for children and young people in Papua New Guinea

 

To ensure the achievement of the goals, the parties agree to join forces in the following areas.

• Supporting the development of a social and financial education programme for children and young people in Papua New Guinea
• Exchanging of educational materials on Social and Financial Education as well as contacts
• Planning for concrete collaboration and activities on the basis of an annual action plan agreed upon by both parties
• Developing (contextualized) curricular and methodological content for Social and Financial Education based on Aflatoun International curricula
• Training of trainers and educational pedagogical workers
• Monitoring and evaluating the effectiveness of social and financial education of children and young people
• Cooperate in exchanging and promoting best practices and experiences in the field of social and financial education

 

Photo caption: CEFI Executive Director signing the MoU document during the brief virtual signing ceremony with Aflatoun CEO Mr. Roeland Monasch.

 

Two new partners in the Market for Village Farmers (MVF) Project have been encouraged to change the mindset of farming communities driven by farming activities.

CEFI’s Executive Director Mr. Saliya Ranasinghe said this during MoU signings between CEFI and Gentrade Consultancy Services and Southern Consultancy (Enterprising) Services on May 08.

“You are very important partners in this endeavor and I want to reiterate that you have to maintain very high standards and deliver the quality service,” Mr. Ranasinghe said.

“Change the mindset of the people in your community and the change will come through opening of a bank account or submitting a loan proposal to a bank,” Mr. Ranasinghe told the owners of the two consultancy services providers.

Mr. Ranasinghe emphasized the MVF project as one of CEFI’s key initiatives and partners adding it was a unique agriculture project that aimed to get the banks involved in agriculture lending with the focus on value chain of the fresh produce sector.

The MoU agreement is for Village Farmers Livelihood Improvement Training under MVF project and is funded by International Food Agency Development Authority and executed by Department of Agriculture and Livestock and Implemented by Fresh Produce Development Authority.

The MoU aims to improve the livelihoods of village farming households in target provinces and by facilitating the transition from semi-subsistence agriculture to market oriented production and farming as a business.

The project’s target provinces are Western Highlands, Jiwaka, Simbu, Eastern Highlands, Morobe and East New Britain.

Gentrade Consultatncy Services and Southern Consultancy (Enterprising) Services as part of their engagement will provide the following deliverables;

-Provide qualified male and female trainers (10 each)

-Ensure selected trainers fully participate in the Village Farmers Livelihood Improvement (VFLI) ToT Training and are certified

-Provide VFLI training

-Plan and coordinate movements of trainers and provide reports

MVF Project Manager, Mr. Joe Koima, who was present to witness the signing, thanked CEFI for the continued partnership  and added that training the farmers is key to developing the fresh produce sector.

“This partnership between the lead partners is important because the ratio between trainers to farmers is very low. This partnership with CEFI through the training partners will increase the ratio leading to more outreach in financial inclusion trainers,” Mr. Koima said.

Mr. Koima encouraged CEFI to increase its financial literacy programs in the near future to cover more centers in the country as this provides the leverage for development.

Mr. Wesley Lopele, Gentrade Consultancy Services and and Mr. Tony Walega, Southern Enterprises Services, both thanked CEFI for the opportunity to be engaged as training partners in the MVF project.

“We (Southern Enterprises Services) are looking forward to working with CEFI and MVF and are eager to make our involvement a success,” Mr Walega said.

“We have been waiting for this opportunity and thank CEFI for choosing us on merit as one of the training partners for this project,” added Mr. Lopele of Gentrade Consultancy Services.

 

Photo caption: CEFI Executive Director Mr. Saliya Ranasinghe (middle) signing the MoU document with the two new partners in MVF Project.

Papua New Guineans will be educated on investing in stock markets following a Memorandum of Understanding (MoU) signing between CEFI and Securities Commission of PNG (SCPNG).

The lack of knowledge in this area has seen many Papua New Guinean’s making unwise decision to invest in ponzi schemes and throwing away their hard earned money to this schemers who make a quick return from unsuspecting financial illiterate customers.

The need to educate Papua New Guineans on making real investments in stock equity markets has urged SCPNG to embark on this journey.

The SCPNG Acting Chairman Mr. Joshua James and CEFI Executive Director Mr. Saliya Ranasinghe signed the MoU on Wednesday May 08, which will see both organizations working in collaboration and partnership in carrying out the programs initiated by CEFI.

The programs include, Young Minds Savings Campaign, Provincial Government Engagement Program, Training of Trainers to train investor and Development of Capital Marketing Modules.

“We (SCPNG) want to drive this concept to the schools and partner with CEFI and invest in the education program so that schools are able to teach the young children about investing and making the right choices,” said Mr. James Joshua, SCPNG Acting Chairman.

“We also need to drive that out to the public and make them clear on which are the right avenues to invest and get a real return out of it.

“That is our agenda that we want to expand the investment options and investment tools that are currently on our market.

“Thank you CEFI, we need partners like you to drive the agenda forward,” Mr. Joshua added.

Mr. Ranasinghe thanked SCPNG for coming onboard and agreeing to terms of the MoU, which he said highlighted the importance of their partnership which is to implement the programs.

“People need to be educated in investment and we are looking forward to working with you (SCPNG) to develop a training module and deliver to the people of this country,” Mr. Ranasinghe added.

The MoU will run for three years from May 8 2024 to May 08 2027.

 

Photo caption: CEFI Executive Director Mr. Saliya Ranasinghe (left) and SCPNG Acting Chairman Mr. Joshua James signing the MoU.