Financial inclusion

The revised MoU was signed between CEFI’s Deputy Executive Director Peter Samuel and West New Britain Provincial Administrator Leo Mapmani.

The MOU was signed to continue on the partnership between CEFI and the provincial government in promoting financial inclusion in the province.

The objectives of the revised MoU include;

“Access to financial products and services must not only be broad, but also meaningful in a sense that it opens up opportunities for the Papua New Guineans to move up in life,” said BPNG’s Acting Assistant Governor, FSSG, George Awap, at the launching of the third National Financial Inclusion Strategy (NFIS3) 2023-2027.

Awap said that while deposit account ownership grew over the last 10 years from the launch of the first NFIS in 2014, to a level of 3.7 million, an estimated 5 million remain unreached by the formal financial system.

This agreement will see the PFI’s partner with MVF in implementing the project in six targeted provinces, Western Highlands, Jiwaka, Simbu, Eastern Highlands, Morobe and East New Britain.

CEFI will facilitate the work of the seven PFIs through the establishment of the MoUs and provide technical assistance to the PFIs, with the support from an expert consultant to design and develop innovative financial products and services that meet the commercial and business financial needs of MVF target rural communities.

BSP Group CEO, Robin Fleming said that in the BSP Pacific Economic and Market Insight Quarter 3, 2021 Report, BSP chose to deal with the challenges facing financial inclusion, due to a significant number of Papua New Guineans living in remote areas being left out.

BSP’s commitment to its customers is evident with the opening of Koroba Branch in Hela Province, a larger sub-branch at Namatanai, New Ireland Province in July and the September reopening of the Kerema sub-branch in the Gulf.

Business Link Pacific (BLP) in partnership with the Centre for Excellence in Financial Inclusion (CEFI) yesterday launched the Finance Finder online tool.

BLP is a private sector development programme funded by the New Zealand Ministry of Foreign Affairs and Trade, a New Zealand Aid Programme initiative honouring New Zealand’s commitment to supporting the economic growth of Pacific Island countries.

Minister for Trade, Commerce and Industry, Wera Mori, said this today during the opening of the Financial Inclusion Summit in Port Moresby.

Minister Mori said the Governments focus over the last five years in providing funding directly to the rural areas will have a positive impact on financial inclusion in the long run.

“Majority of our population reside in the rural areas and are deprived of facilities due to the poor infrastructure and communication.