Nabilah S
Closing the financial literacy gap between the Informal Economy Sector and SME Sector is a significant intervention within the Economic Empowerment narratives, said Warren Marape.
Mr Marape, who is the deputy secretary for Community Development Division of the Department for Community Development and Religion, made the statement whilst opening an Informal Economy Financial Literary Trainers of Trainers Training at Sunrise Lodge, Kundiawa, Chimbu Province.
Mr Marape and his team from the community learning and informal economy sector were in Kundiawa for the training from Dec 12-16.
The training is one of the key informal economy em-powerment programs for the DFCDR.The training was conducted in partnership bettween the DFCDR and the Centre of Excellence in Financial Inclusion (CEFI).
In a jointly signed MOU in 2021, the DFCDR and CEFI has joined hands to provide financial literacy TOT trainings under Economic Empowerment Programs.
In a jointly signed MOU in 2021, the DFCDR and CEFI has joined hands to provide financial literacy TOT trainings under Economic Empowerment Programs.
Mr Marape stated that there are many government and privately run Institutions providing financial literacy training. As such, how is the financial literary training program by the DFCDR different significantly from others.
“The difference is that DFCDR targets the 80 percent of the rural population within the informal economy sector whilst others target the 15 percent of existing small, medium enterprises”
“In pursuit for economic growth and empowerment, the PANGU led government has injected the novel SME loans into the existing commercialbanks.
“Whilst the intention of the government is noble,the focus on the SME directly marginalised the 80 per cent of the participants of the Informal
Economy Sector. “Papua New Guineans are not only the ones in the urban centres Arguably the currently SME Papua New Guineans are not only the ones in the urban centres.
Arguably, the currently SME loans are restrictedly accessed by existing SMEs within the urban centres.
To grow SMEs, “It is important to provide financial literacy training and other economic empowerment interventions that targets the informal economy.”
