Providing the right financial advice to every Papua New Guinean is one way in ensuring that they are able to manage their money and build financial wealth.
This was one of the main reasons why BSP continues to conduct financial literacy training delivered through our branches nationwide.
Yesterday, BSP's Banking Education Team conducted financial literacy training for 35 women, organised through the Widow's Association in Port Moresby. The participants were market vendors and earned their income through daily sale of vegetables and cooked food at the main markets in Port Moresby.
The training included basics in Budgeting, Savings & Mobile Money and basics on Banking Education.
Among the participants, was Maria Unde, President of the Widows Association who said, this information was very helpful and would make a lot of difference to us who don't have a regular and fixed income. Sometimes, we make money; sometimes, we don't. But, with a little savings put aside, we can be able to take care of our expected needs."
Another participant, Patricia Sawia acknowledged that she knew how to make money and contribute to support her family, but added that, many of the expenses can be planned ahead and savings can be made to meet those goals.
She said, "The knowledge of how to make a budget and plan for expected expenses was a good concept to learn and understand."
Another participant, also expressed that her although her children had jobs, they still relied on her to put food on the table which shows the lack financial literacy and money management.
BSP Financial Literacy Trainer, John Gavuli said, "With the basic skills of budgeting and savings, we hope that we can help these women to be able to better manage money. The desired outcome for the delivery of this training is to get everyone to be financially independent, to understand the basics of budgeting and saving, and to start applying these skills to their current lifestyle."
"We also have an arrangement with BSP Waigani Banking Centre to assist these women to open account like the Plus Saver to build their savings, from what they earn," added Mr Gavuli.
BSP signed an MOU to deliver Financial Literacy training to Papua New Guineans in 2014. As a responsible financial institution, it continues to support Bank of Papua New Guinea's (BPNG) drive to promote financial inclusion programs in PNG. The Financial Literacy Training modules are produced by BPNG for the Microfinance Expansion Project (MEP), supported by the Asian Development Bank (ADB), Australian Government (DFAT) and Papua New Guinea Government (GoPNG).