The Bank of PNG is undertaking a project to standardize the process of identification so individuals do not go through various checks in different financial institutions.
Bank of PNG Governor, Loi Bakani, said the project aims to simplify the ID process making financial services available to people in rural communities.
Speaking at the NASFUND Savings & Loans Rebranding Launch, Governor Bakani said the Know Your Customer Project will assist people in rural communities.
“Identification is a big issue for our simple rural people in the village so that’s our next project. And we are working very hard to have a simplified and standardized way or system of identification,” said Bakani.
Currently various financial institutions have their own identification processes, with some having too many requirements.
He said the KYC Utility System will be a tool accessible by all financial institutions.
“So the simple solution is that if I join ncsl, they have already done my due diligence so that system should be there so it is accessible to any financial institution so it makes it easy for customers to go anywhere else,” said Governor Bakani.
The KYC Project is a joint intuitive between the Central Banks of Samoa, Tonga, Vanuatu, Fiji, Solmon Islands, and PNG.
It is expected to be implemented next year.
Picture: UBISecure