Library Videos Financial Inclusion Initiatives in Papua New Guinea

Financial Inclusion Initiatives in Papua New Guinea

11 Jul 2014 982

Microfinance Expansion Project is a national level project co-funded by ADB, Government of Australia (DFAT) and the Government of PNG, with Bank of Papua New Guinea as the Executing Agency.
 
The Microfinance Expansion Project (MEP) in Papua New Guinea has multipronged approach towards enhancing financial inclusion in the country. In this video, Jagdeep Dahiya, MicroSave’s Training Specialist in PNG, outlines how MEP is trying to achieve financial inclusion by stimulating both the demand and supply for financial services. On demand side, MEP is delivering financial education (FE) training to 120,000 people (of which 40% of participants are women) and BDS training to 22,000 micro enterprise. The project aims to equip people with the knowledge of financial services and motivates them to make effective use of available services for their business and personal use. 

On the supply side, MEP aims to build capacities of financial institutions though training of their staff (4500 person days), development of client centric products and providing access to risk fundto encourage lending to more risky segments and in remote areas. Partner institutions are also provided with business mentors who assist them internalise the learnings from trainings and enhance their efficiency. In addition MEP, is also closely working with Bank of PNG to develop favourable regulatory environment conducive for financial inclusion initiatives in the country. MEP has also supported BPNG in setting up and establishment of the Centre for Excellence in Financial Inclusion (CEFI) which is working as a network institution to promote financial inclusion in the country.

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