The Centre for Excellence in Financial Inclusion (CEFI) and the SME Corporation (SMEC) will work in partnership together in advancing financial inclusion in Papua New Guinea following a Memorandum of Understanding (MoU).
CEFI Executive Director Mr. Saliya Ranasigne and SMEC Managing Director Mr. Petrus Ralda signed a MoU on Tuesday August 13 at the SMEC Head Office in Port Moresby.
The MoU which will run for three years will see both organizations advancing financial inclusion and fostering the growth of Micro Small and Medium Enterprises across the nation of Papua New Guinea.
Mr. Ranasinghe in his opening remarks stated the partnership between CEFI and SMEC is important as both share the same goals in building and developing skills through their business skills training and financial literacy training respectively.
“We strongly believe that development of MSME sector definitely be the engine of growth of this country in the future. And we really appreciate the contribution made by SME Corporation for driving the Micro, Small and Medium Enterprise.”
“As two national entities, this particular partnership will definitely drive policy influence where we can definitely change the mindset of building this faculty.”
“We are looking forward to this partnership as it will bring a new dimension for Micro Small and Medium enterprise development in PNG and to contribute to a much more prosperous future and a better standard of living for all of the people in this country and also for a better future for the next generation,” Mr. Ranasinghe.
In response SMEC Managing Director Petrus Ralda stated through the MoU, SMEC and CEFI can share resources and will be able to integrate the components of programs host by CEFI and the programs host by SMEC and be able to support the MSME sector throughout the country.
“We have to work together, go back to the basics, see the changes, do the integrations, and then work together, and share resources so that we can be able to achieve our objectives and make a lot of impact at the end of the year.”
“Access to finance is a very key component of MSME development, one of the key constraints in SME policy implementation. Working together like this with your network, with the CEFI’s cooperation network, we can be able to work together, CEFI can achieve its objectives, and SMEC can achieve its objectives, and we can be able to work together and support MSME sector going forward,” concluded Mr. Ralda.
Some of the compelling reasons for this partnership highlighted in the MoU include; complementary objectives, integrated support ecosystem, capacity building, policy advocacy, regional reach and innovation and technology.
According to the MoU, the partnership between CEFI and SMEC has the potential to catalyze inclusive growth, empower MSMEs and contribute to the socioeconomic development of Papua New Guinea, by combing their strengths and resources, they can create a synergistic impact that benefits both MSME sector and the broader economy.
