Madang’s Financial Future: A New Era of Inclusion Begins
The people of Madang are benefitting from a new initiative promoting financial inclusion. On July 12, 2024, the Madang Provincial Government and the Centre of Excellence in Financial Inclusion (CEFI) signed a Memorandum of Understanding (MOU) at the Haus Win conference room in the Madang Resort Hotel, marking a critical step towards enhancing financial services in the province.
This MOU supports the collaborative efforts between the Madang Provincial Government and CEFI to advance financial inclusive services, facilitated by the USAID PNG Lukautim Graun Program (LGP).
The initiative aims to make financial services accessible to all community members, especially those in remote and rural areas. By leveraging CEFI’s expertise and the Madang Provincial Government’s strategic vision, this partnership seeks to improve financial literacy, increase access to banking services, and promote sustainable economic development throughout the region.
Governor of Madang Province, Honorable Ramsey Pariwa, said that this MOU is a significant milestone for the people of Madang.
“We are committed to working closely with CEFI to implement programs that will empower our people with the knowledge and tools they need to participate fully in the economy”, he added
CEFI Executive Director Mr Saliya Ranasinghe added that they were proud to partner with the Madang Provincial Government to expand CEFI’s reach and impact.
“Together, we will work towards creating a more inclusive financial system that benefits everyone, especially those who have been traditionally excluded”, he added.
Key components of the MOU include financial literacy training, accessible banking in remote areas, and policies for inclusive economic growth. These efforts aim to improve individual financial well-being and foster economic resilience in Madang Province communities.
The USAID PNG Lukautim Graun Program (LGP) has been instrumental in facilitating this MOU and as part of their exit strategy aims to provide support for 12 to 18 months to CEFI and Madang provincial government before gradually relinquishing LGP data to the parties in the MOU as part of the LGP sustainability Plan before the program closure in July 2026.
