The World Bank Report last year on PNG Financial Inclusion and Financial Capability Survey revealed that over 80 percent of people in rural areas did not own a bank account or have loan, or have convenient access to financial services.
Bank of Papua New Guinea Governor Loi Bakani said the country’s central bank have put in some initiatives to address it.
The financial inclusion initiatives of the Bank of PNG include:
- The establishment of the Centre for Excellence in Financial Inclusion (CEFI) dedicated to undertaking financial inclusion programs that aim at improving financial inclusion and financial literacy, and people’s attitudes towards budgeting and saving.
- Holding financial expositions to increase awareness on financial services products and the need for financial inclusion such as the recent Financial Inclusion Expo held in Mt Hagen that attracted a record crowd of more than 30,000 people from across the Highlands Region, including a high number of women, to learn about and compare products from more than 20 financial institutions.
Governor Bakani added that building a second Currency Distribution Facility (CDF) in the country, outside of Port Moresby will aid in the CEFI program.
The main construction work for CDF in Lae, Morobe Province commenced in July 2016 is scheduled for completion by May 2018.