The policy was launched on the 24th of January in Port Moresby, along with the Financial Sector Development Strategy.
The documents will aid in the development of PNG’s financial sector.
Speaking at the launching, Deputy Prime Minister and Treasurer, Charles Abel, said the existence of a National Policy on Financial Inclusion means the Government recognises that financial inclusion is a fundamental building block of inclusive growth.
“Therefore, with effective implementation of the Strategy and the Policy, I am confident that the PNG financial sector will continue to prosper and, at the same time, make a strengthened contribution to PNG’s economic and social development.”
Abel said following an internal and external reviews of PNG’s financial sector in 2010 to 2016, it was recommended that an urgent intervention was needed to address loopholes, thus the creation of the “Financial Sector Development Strategy”.
“So ladies and gentlemen, I now have the privilege to tell you that the Financial Sector Development Strategy is the Country’s road map to addressing these weaknesses and gaps, and to propel the financial sector to a next stage of developments.
“The Strategy, in addition to providing strategic direction for the long-term, identifies specific projects to be commissioned and implemented in the short-term, that is, within the next two to three years.
“It provides for a review of progress to be undertaken in 2022. This review will provide an opportunity to refresh the strategy in the light of progress to that point, and also to specify a further sets of projects then to be undertaken.
“This approach reflects an underlying philosophy that what matters for financial sector development is that plans are effectively implemented.”
Speaking in FSDS, Bank of PNG Governor Loi Bakani said the FSDS charters a new course for taking PNG’s financial services sector to the next level of development.
“To ensure smooth implementation of the FSDS, a new financial sector governance and coordination policy committee called PNG Financial Services Council will be established and will include the Governor of the Central Bank, the Secretary of the Department of Treasury and the Chair of the Securities Exchange Commission PNG. Other members will be invited as and when necessary,” said Bakani.
Treasurer Abel said with effective implementation of the Strategy and the Policy, he is confident that the PNG financial sector will continue to prosper.
(Policy aims to ensure all Papua New Guineans are financially competent)