Locals undergo financial literacy training

USAID is supporting 477 individuals to graduate from financial literacy training in Lae, Morobe Province, with a majority of 415 (87%) of the total number of graduates being all women.

This is part of USAID’s commitment through the PNG Lukautim Graun Program (LGP) and its partnership with the Center of Excellence for Financial Inclusion (CEFI), to provide financial literacy training to Papua New -Guinea, with a focus on the economic empowerment of women and people from rural communities.

For many people in PNG, especially women and marginalized populations living in rural and isolated communities, it can be difficult to access basic financial services like banking services and savings and credit programs to expand their small business and improve their livelihood prospects.

With support from USAID, eight CEFI-certified trainers delivered financial literacy training between July 25 and August 5 at seven different locations in Morobe Province, including Tent City Primary School, Abong Literacy, Tent City Third Stage, Kamkumung, Poaba Village, Tanam Village, and Nasuapum Village.

As a result, 477 participants earned a financial literacy certificate and now have a better understanding of the basics of saving and budgeting, which are the fundamental skills for starting new businesses and increasing the financial security of households and families. people.

Elizabeth Bou, a primary school teacher from Tent City, said, “I am so happy to have attended this training. Even though I was a teacher for 39 years, I was not very good at budgeting and saving.

“Through this training I realized my mistakes. This will be my last year of teaching and I intend to pass on the skills and information I learned from this training to help other members of my community, as well as our local women’s groups and churches.

Participants who complete the financial literacy training have the opportunity to open savings accounts with MiBank, a national micro-bank. Also, graduates become eligible to apply for access to loan options from MiBank to expand their small scale or improve their livelihood activities.

Lanes Jeari, a resident of Abong said, “Thanks to USAID for this training, it helped me to open a new bank account with the bank (MiBank). I can now go to the bank and save money on my table selling business”.

Led by Cardno International Development – ​​a DT Global company, USAID’s PNG LGP works in partnership with the PNG government, local communities, and a range of implementing partners from the private sector, faith-based organizations, and organizations. civil society organizations.

The overall goal of USAID’s LGP program is to empower traditional landowners to manage their resources and in particular to economically empower women as full participants in PNG’s economy.

By improving people’s livelihood prospects, USAID builds local capacity by helping communities reduce pressure on forest resources and helps protect PNG’s rich biodiversity for future generations.