02/11/2014 10:04

Financial literacy key to development

By LilianMatbob

More than one hundred and thirty settlers from the four settlements areas in Madang Town area received their certificates of participation infinancial literacy on 21 October.The settlers consisting of youths, women and men from Gavstoa, Lain Banana, Kerema Compound and StikMasisattended a three-day training on savings and budgeting.The message re-echoed throughout their training was that high intelligence, big positions and big pay packet does not equate to financial success. However, careful management of one’s income including regular saving will set you on the track to financial freedom someday. 

Bogia Cooperative Society (BCS) through the Bank of Papua New Guinea’s (BPNG) Microfinance Expansion Project (MEP) has been delivering this financial literacy training to the communities in the Madang and Bogia Districts throughout this year. Executive Director of BCS, Mr Peter Murikiin his remarks to the graduands reminded them that this is a national government program with funding assistance from Asian Development Bank and AusAID and PNG Government. He encouraged them to start working hard and to use the knowledge to better their lives.

Former Madang Governor and Senior Statesman, Chief Sir Arnold Amet and his wife were present to witness and handover the certificates to the graduands. He pledged his support and  wants to see this training extend to others who have not received it.The participants expressed appreciation for the knowledge they have received. Nearly all the participants regretted spending unwisely their hard-earned money all these years and wished they had had this knowledge earlier.

Bart Siriemba from Oro Province said that he had been looking for such opportunity to learn how to manage his money and this training has met his need. He said that when we can manage our money well, we can manage our families and our lives well too.

Tracy Kapai, a young mother said that this training meets the needs of young mothers to start looking after their money and save it for the future of their children and families.

Poveta Tore encouraged everyone to start working hard. She said that there are resources all around us and we cannot be idle. “If we sweat, we will see the fruits of our hard work,” she said.

BCS this week achieved its target of training 3,900 people in financial literacy. There are plans to continue this training next year. BCS continues to get more requests for training as the people realise the importance of this knowledge.