October 22, 2019
by Erica Lee “When my mother passed away, we did not have enough money to pay for the cost of the rituals associated with her funeral,” says Ravinesh Ram Chetty, recounting the week of his mother’s funeral two years ago. “No one thinks to save for unexpected events like the death of a loved one,...
September 16, 2019
In Samoa, funerals can be an elaborate and expensive affair. Without savings or an insurance families can often go into financial debt from the loans they must take to cover funeral expenses, which can cost anywhere between WST 10,000 – WST 60,000.
July 29, 2019
Recently, the group has also been a great example of women’s financial inclusion. Each of them has opened a bank account and a voluntary pension account with the Vanuatu National Provident Fund (VNPF). Wakalani says the women are happy that they have been given the opportunity to become members of VNPF.
July 15, 2019
Many low-income working families in PNG struggle to manage everyday cash flow. A lack of savings to buffer against financial woes, such as emergency medical bills, traditional obligations, such as burials and other unexpected life expenses can drive families to resort to these moneylenders. Over time borrowers find it hard to break out of the recurring cycle of pay-day lending, often referred to as a loan trap.
June 15, 2019
In June 2018, Annie became one of the first students at three (Garanga, Pamua and Airahu) ACoM RTCs chosen to take part in a regional initiative to pilot financial education (FinEd). The pilot is part of an ongoing partnership between the Pacific Financial Inclusion Programme (PFIP) and ACoM.