and allow it to collect public deposits. the licensing of the wmb portrays a new approach considered by the project and bpng to be an effective means to meet the expectations of the local people. the establishment of the lae branch of wau microbank should be seen as a sign of expansion of the microfinance sector in png as more entrepreneurs from the formal and informal sectors will now be served by this microbank. the morobe province has a vibrant economy and there are prospects for the expansion of the microbank to other areas of the province. the success of this branch will show the nation that a microbank can quickly become viable also in urban areas. this province is fortunate to have the microfinance policy of the government being tested with the establishment of the pilot microbank in wau as a ‘ laboratory ’ for testing microfinance products and methodologies. the province should embrace and support the microfinance initiatives as an alternate ‘ vehicle ’ for delivery of financial services to a wider sector of the urban and rural communities. the mcc supported by the bpng are working together to assist any institution, public or private, that wish to serve the microfinance market. i commend the project team from mcc and ibbm for extending the provision of microfinance services to lae city through the establishment of the branch of wau microbank. the bank also acknowledges the continued support of the donor organisations including the adb and ausaid without which this project would not have been established. i am sure your support will be extended to the other provinces as well. i also wish to thank the morobe provincial government and administration for taking a proactive stance in this expansion plan for the wmb. thank you ladies and gentlemen.

and family were the first - line source of extra funds for 30 percent of adults in developing economies, but nearly half of those said the money would be hard to get. furthermore, women and the poor were less likely than men and richer individuals to successfully raise extra funds and more likely to rely on friends and family as their go - to source. further, about 50 percent of adults in developing economies were very worried, in particular, about covering health expenses in the event of a major illness or accident, and 36 percent said health care costs were their biggest worry. in sub - saharan africa, worry over school fees was more common than in other regions ; 54 percent of adults worry about them and for 29 percent it is their biggest worry. 2 / 4 bis - central bankers'speeches what went wrong? why so many obvious problems and does it matter for our instititutions? as i mentioned at the beginning of my remarks, it should matter to every one of us, and every one of our institutions. what perhaps happens is that we end up as free - riders, letting others do the heavylifting. or we are not practitioners of the broken window theory - reluctant to deal immediately with emerging problems. considering the example of operating a restaurant, do we leave our customers struggling with the menu, instead of seeking to understand what they want, explaining the items of the menu and adapting them to the customer? against this backdrop, i will outline three broad themes to reflect on as we collectively work to strengthen the financial health of kenyans. in doing this, i will draw substantially from the kenya banking sector charter ( the charter ) issued to the banking sector by the central bank of kenya ( cbk ) in 2019. the charter sought to operationalize the vision of a banking sector that works for and with kenyans. it is anchored on four pillars of customer centricity, risk based credit pricing, transparency and disclosures and ethical banking. this morning, i will focus on the customer centricity and transparency and disclosure pillars. first, customer centricity is key in addressing the financial health of our citizens. financial services and products should take into account the day to day needs, of customer supporting their resilience and achievement of their life goals. tailored savings products and insurance products particularly covering medical care come into mind. further, pension products that cater for individuals in the informal sector and post retirement medical schemes are also pertinent. my challenge to the financial institutions represented here is how well