Bank South Pacific (BSP) through its banking education program has reached and delivered financial literacy training to over 21, 000 participants in 2017.
Out of total participants, 8000 students across Papua New Guinea successfully attended financial literacy training from 108 schools visited this year.
BSP's Acting General Manager - Retail Banking, Mr Kili Tambua says, "The Bank sees the need to provide this training to students to help them in managing their finances better as they grow up to meet the workforce."
BSP continues to invest in the local communities and this year has visited 146 communities through our Banking Education programs.
The bank invested in training an additional 137 Financial Literacy Trainers who have gone back to their branches to facilitate and deliver training.
Apart from other community initiatives by the bank such as community projects focused on Education, Health, Sports, Environment, BSP also provides Financial Literacy aimed at improving the lives of Papua New Guineans to better manage their money and build financial wealth for themselves.
Providing the right financial advice to everyday Papua New Guineans, a market vendor, a small business owner, a bus driver or a student ensures that they are equipped with the basic knowledge of budgeting, saving and money management.
The training includes basics in Budgeting, Savings & Mobile Money and basics on Banking Education. 43% of the participants were women from all walks of life.
Mr Tambua said, "With the basic skills of budgeting and savings, we hope that we can help the population to be financial literate and be able to better manage money. The desired outcome for the delivery of this training is to get everyone to be financially independent, understand the basics of budgeting and saving, and to start applying these skills to their current lifestyle."
"Apart from educating them, we also arrange with BSP branches and Banking Centres to assist them to open Kundu accounts and Plus Saver Accounts to build their savings, from what they earn," added Mr Tambua.