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Supported by ADB and the Governments of PNG and Australia, the project is building on the experiences and lessons from its predecessor - the Microfinance and Employment Project.
In July 2014, Puma Energy made its entry into the Papua New Guinea market by acquiring Inter Oil's operations in Papua New Guinea.“In addition to these customers we have opened nearly 650 new accounts so far.” Aside from banking services, the microbank also conducts financial literacy training for its clients.The Microfinance Expansion Project supports a large-scale financial literacy program, targeting more than 130,000 people in PNG. To date, about 80% of the population still do not have access to financial services.Although the first arrivals were hunters and gatherers, early evidence shows that people managed the forest environment to provide food.
There also are indications of neolithic gardening having been practiced at Kuk at the same time that agriculture was developing in Mesopotamia and Egypt.
“We know women are better money managers than men in this country and women have particular special needs when it comes to banking services and finances,” says chief executive officer (CEO) Thushari Hewapathirana.