FAQ

The Centre for Excellence in Financial Inclusion (CEFI) was launched on 24^th April 2013. CEFI is registered as an Association incorporated under PNG law and was officially launched by the Prime Minister of Papua New Guinea, Honourable Peter O’Neill.

CEFI was endorsed by PNG’s National Executive Council (NEC) as the industry apex organisation mandated to coordinate, advocate and monitor all financial inclusion activities in Papua New Guinea.

The key responsibilities of CEFI include promoting financial inclusion in the country, financial services delivery. CEFI achieves its mission by administering various financial inclusion policy and strategic related activities including: working groups, providing technical assistance, facilitating information exchange, financial literacy training and TOTs, market research and surveys. Our core mandate is developing, implementing and delivering the outcomes of the National Financial Inclusion Strategy (NFIS).

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According to Papua New Guinea’s National Financial Inclusion Policy (NFIP), financial inclusion means that individuals and businesses can have access to and can effectively use financial products and services (payments, savings, credit and insurance) that meet their needs and are delivered in a responsible and sustainable manner.

The definition of financial inclusion varies across different economies depending on each country’s focus. 

The National Financial Inclusion Strategy (NFIS) was developed to help PNG achieve its financial inclusion goals.

The NFIS is a roadmap developed by CEFI for Papua New Guinea to reach its financial inclusion goals in providing responsible and sustainable financial services to its citizens.  

The 1^st National Financial Inclusion Strategy (2014 to 2015) focused on expanding the financial service delivery frontiers to reach one million unbanked low income people across the country. This was achieved through the joint efforts of CEFI and all its stakeholders however more coverage is needed and especially for women and girls. 

CEFI and the Bank of Papua New Guinea have developed a second National Financial Inclusion Strategy which is currently in implementation (2016-2020) and builds on the first strategy. It provides the strategic framework for coordinating, advocating and sustaining efforts in partnership with all stakeholders to achieve the common vision of creating an inclusive and sustainable growth for Papua New Guinea.

CEFI directly coordinates 7 Working Groups that implement the NFIS 2016-2020.

As the peak industry body, CEFI plays a pivotal part in coordinating the strategy’s rollout. We work closely with the Bank of Papua New Guinea and key stakeholders including government, financial service providers, development partners and the 7 industry working groups. Through collaborative planning, regular meetings and the technical support to the working groups, CEFI is able to guide and monitor the strategy’s progress to ensure it reaches its objectives.

• 1, 187, 024 new bank accounts opened, 462 393 (35%) were women
• 124, 375 people reached with financial education, 47% were women
• 67 new branches, 73 ATMs, 4959 EFTPOS and 233 new agents added onto the financial service network on total 12 599 service outlets
• 696, 792 policy holders have taken out micro-insurance products
• 315, 993 people now linked their deposits account with mobile phone banking

Over the years CEFI have seen increase in financial inclusion activities with the assistance of Microfinance Expansion Project (MEP).

• The Microfinance Expansion Project is co-funded by the Asian Development Bank, Australian Department of Foreign and Trade (DFAT) and the Government of PNG designed to strengthen the growth of the Microfinance sector in PNG. The MEP was launched in April 2012 and has taken over the previous project from PNG Microfinance and Employment Project which operated from 2002 through to 2010. Financial Education Training is one of the biggest outputs with the aim of empowering and enabling clients and potential clients to understand and access, financial services for personal or business use.

• The Government of PNG has made clear policy statements regarding the importance of financial inclusion. The government’s commitment to financial inclusion is well documented in key policy documents including:

  • Vision 2050
  • The Development Strategic Plan (2010-2030)
  • Medium term Development Plan2 (2016-2017)
  • National Informal Economy Policy
  • SME Policy 2016/SME Master Plan 2016-2030

  Refer to National Financial Inclusion Policy for more info (insert hyperlink)

We are currently based at Level 1, Post Office Building in Downtown, Port Moresby.

Feel free to visit us when you are in the vicinity or you can visit our website: www.thecefi.org

Email us on info@thecefi.org or you can follow us on social media: https://www.facebook.com/cefipng ; https://twitter.com/PngCefi