principles to guide the microfinance industry. they recognised that when financial services are delivered in accordance with principles, clients are enabled to use financial services well and provides the foundation for future business and expansion. they put these principles into action through the smart campaign and launched it in october 2009. the seven client protection principles for microfinance are : 1. appropriate product design and delivery 2. prevention of over - indebtedness 3. transparency 4. responsible pricing 5. fair and respectful treatment of clients 6. privacy of client data 7. mechanisms for complaint resolution ladies and gentlemen, these are the principles that will be imparted to you in depth over the course of the next three days. they are sound principles, globally accepted and locally relevant for the microfinance sector of png. i hope your participation will lead to your individual institution ’ s benefit, to the benefit of the microfinance industry as whole, and most importantly, to the benefit of all papua new guineans engaging with the microfinance sector, now and going forward. on this note, i declare the training open. i wish you all well. thank you. bis central bankers ’ speeches

have already contributed, go and demand your money back. we must all act together to stop the spread of this illegal and evil activity. 9. conclusion to conclude, the government and the bank of png has put in place appropriate policies, which have led to improvements in our macroeconomic performance. all of us, the business community and development partners must now build on these achievements to ensure that the gains are passed on to everyone. with one more bank now established in kimbe, this will increase access to banking and financial services for a wider section of our communities. money should circulate easily within this province and outside. with money circulation increasing, the bank of png has introduced a clean banknote policy to ensure our currency maintains its quality, standards, and security. i ask you all to return any soiled and damaged banknotes to the banks to be returned for destruction so that new ones can be issued. do not continue to use old banknotes. the people of west new britain province now have three banks in operation. this is a clear sign of the confidence the banking sector has in the people and the local economy here. you must use the banks and other licensed financial institutions to conduct your financial transactions. they are safe because the bank of png keeps an oversight on them. look after your banks and financial institutions. safeguard them and support them. they provide an important service in the community. banks and other businesses have closed down branches in many provinces due to criminal activities, vandalism and mismanagement. let us ensure that this will not happen in kimbe and the west new britain province. i again urge you all not to lose your money in illegal, unlicensed and fraudulent money schemes. do not invest in fms. you are sure to lose your money that you worked hard to earn and will never get it back. always know that the fms will disappear or die when you stop giving them your money in return for financial promises of billions of kina that will never come. the economic conditions are conducive and future prospects continue to look positive for png. therefore, work on your oil palm, cocoa and coconut blocks, your fishing and forestry projects, and other economic activities. then put your financial gains in the banks and financial institutions that are licensed and supervised by the central bank, where they are safe ; not in money schemes. on behalf of the board and management of the bank of png, i would like to congratulate an