Westpac to conduct financial literacy training

THE oldest bank and PNG's first bank, Westpac has joined forces with the Australian Government's Agency for International Development (AusAID) to deliver money management and business skills training across Papua New Guinea.

AusAID and Westpac are working in partnership to deliver financial literacy and business development training within communities across PNG.

With Westpac celebrating 100 years in PNG this year, it well placed to provide these communities with the necessary skills training to contribute towards the partnership's objective - to increase the capacity of local communities to participate in the formal private sector.

"Education is fundamental to the development of all nations and this partnership seeks to increase the standards of living and private sector participation of PNG communities, while also focussing on improving the participation by women in private enterprise," said Robin Scott-Charlton, Acting Minister-Counsellor, Aus AID.

The partnership further strengthens Westpac's local community ties and will deliver a number of free money management and business development workshops around PNG.

"Financial Management is our business development workshop and is aimed at small medium business owners, or key managers within business. It provides training and tools to help participants to start or grow a business," said Mr Ross Hammond, Managing Director, Westpac Bank PNG Ltd. "The workshop is delivered in a way that is easy to understand, uses simple everyday language, is relevant to all types of businesses and provides skills that can be put into practice immediately."

The financial literacy component will be delivered through Westpac's Financial First Steps, a three hour workshop which introduces participants to range of topics from budgeting and saving, to credit cards and is designed to encourage people to better understand basic money management matters.

The workshops will be conducted in urban and rural areas around PNG and launched in March, 2010.