A financial inclusion policy, is currently being progressed to drive the rollout of financial services in PNG.
Bank of PNG Governor, Loi Bakani, announced this today during the opening of the Financial Inclusion Innovation Summit, in Port Moresby.
Bakani said this follows findings in a report which highlighted financial inclusion as a major area for intervention.
The financial inclusion policy announced by Bakanani is currently being worked on and will soon be ready to be presented to the Government.
“The draft is in development and we will progress it to government in the coming months,” said Bakani.
Technology and innovation has been highlighted as vital to improving financial inclusion in the Pacific Region, especially PNG.
The summit aims to further discussions on the effective, efficient and sustainable delivery of financial services within the unique constraints of the Pacific Region.
Secretary General of the Pacific Island Forum Secretariat, and Keynote speaker of the summit, Dame Meg Taylor, said while efforts have been done to ensure financial inclusion, there is still a long way to go in the pacific.
She highlighted the progress PNG has done as leaders in the region, to progress financial inclusion, however, more intervention is needed.
“Financial Inclusion is critical to drive inclusive development that has a positive impact for people at the grass roots.
As Secretary General of the Pacific Island Forum, its my responsibility to look at the region for the overarching perspective, to identify the common challenges we face as a region and propose solutions to these challenges,” she said.
Among the many technological, innovative, discussions that will be held during the summit is ‘block-chain’ technology which has recently been given prominence as a tool to boost financial inclusion in the rural areas.
Last week the Bank of PNG hosted a seminar surrounding the technology which is seriously considered as the best instrument for financial inclusion.
Representing the Government, Minister for Trade, Commerce and Industry, Wera Mori, said the Government is ready to support innovations to enhance financial inclusion in the country.
Financial inclusion is deemed as an enabler of wealth generation and prosperity among various sectors, and there is keen interest to further the agenda in the Pacific Region.
The Summit ends on Thursday.