Photo credit: CEFI
CEFI, the Centre for Excellence in Financial Inclusion has signed a Memorandum of Understanding with PNGX Markets, the PNG Digital ICT Cluster and Emerging Venture Management (Unkapt), together the proponents of the DEFINE Initiative, to provide for a framework of cooperation and communication.
To achieve the targets of the Sustainable Development Goals (SDG) in the country, one of the initiatives to implement work on the Fintech space is the Developing Financial Markets for Enterprises in the Pacific Islands (DEFINE) Initiative that is being spearheaded by partners which includes Centre for Excellence in Financial Inclusion (CEFI), with PNGX Markets, the PNG Digital ICT Cluster and Emerging Venture Management (Unkapt).
The objective of the DEFINE Initiative is to contribute to the development of financial markets, products, and services for – aligned enterprises in Papua New Guinea and the Pacific Island countries, with the ultimate goals of diversifying their sources of capital and enhancing access to finance. This includes the establishment of specialist SME funding facilities for debt, debt-like, and equity-like investments in SDG-aligned private enterprises which demonstrate governance, performance, return and impact potential with a special focus on Women-led enterprises, clean energy initiatives, agribusinesses, and businesses in the ICT sector.
Mr. Saliya Ranasinghe, Executive Director for CEFI expressed his views on the journey taken to be working with and supporting the DEFINE Initiative. He further stated that the objectives of the DEFINE Initiative are very well aligned with those of CEFI and together is hopeful that the collaboration of all parties can deliver greater financial inclusion, financial literacy and business capability to the SME sector.
PNGX Chairman Mr. David Lawrence stated that a key objective of the DEFINE Initiative is to strengthen the capacity of domestic financial institutions to encourage and expand access to banking and financial services for all, in particular women and the vulnerable, and their integration into value chains and markets. Mr. Lawrence elaborated that as a locally driven initiative, CEFI will be a key partner for meeting our objectives within Papua New Guinea and using the experience gained to export financial services and financial access across the Pacific.
Article courtesy of CEFI
