Papua New Guinea (PNG) is one of the committed nations that strive to achieve financial stability in the sector through implementing financial inclusion and promoting financial literacy in the nation. Financial inclusion being a greater importance for the country has an objective of providing financial services to lower income groups. The Microfinance Expansion Project (MEP), led to the creation of a dedicated institution to enhance financial inclusion in the country, named The Centre for Excellence in Financial Inclusion (CEFI) that adds to PNG’s efforts of eradicating financial exclusion.
CEFI, being the industry apex organization for coordinating, advocating and monitoring all financial inclusion activities in PNG, aims to have an organized information platform on microfinance for the PNG market and establish mechanisms for enhanced information exchange. In collaboration with MIX, CEFI intends to collect and publish high quality data to strengthen the growth of the microfinance sector, bring transparency and further enhance financial inclusion in PNG.
The “Annual Benchmark Report on the Microfinance Sector of Papua New Guinea for FY 2015” [First edition of Annual Benchmark Report for Papua New Guinea FY 2014] captures operational and financial performance of financial service providers (FSPs) also known as CEFI’s partner financial institutions (PFIs) for FY 2015. The numbers are presented at an aggregated level, peer-group level and for the individual FSP. It also compares the FY 2015 performance against previous fiscal year i.e. FY 2014 and provides the growth or decline rate for each of the indicators.