THE Western Highlands Governor, Pais Wingti said to host financial inclusion expositions away from major cities is very useful in the growth of the economy and shows critical need for everyone to understand financial literacy.
Wingti said this in a statement released from his office during the opening of the third national Financial Inclusion Exposition program in Mt Hagen last Friday.
He praised the important role people play by the financial institutions and the community based organisations in the regions that reach the unbanked rural population.
He said in particular more than 80 percent of this country is made up of low income population living in rural communities and this program recognises rural people, the efforts of growing household income and contribute into their local economy.
The governor stated that Mt Hagen is the growing city of the highlands region and Western Highlands Province which is one of the most densely populated areas with agriculture based economy, especially on coffee and tea exports apart from fruits and vegetables grown for domestic markets sold in Lae, Madang and Port Moresby.
“Now with the support of the mineral resources in SHP, Hela and Enga provinces, the province is strategically located to increase the economic activities for the country.
Therefore, the economic outlook is favorable to financial services as always limited but new branches of major financial institutions of the country are opening up offices to cover large number of people with financial services,” he said.
He stated that that highlands region is about 40 percent of the country’s population, it puts altogether a high number of unbankable population that is where the target of the financial exposition is.
“Given this situation the private money lenders take out the situation charging high interests rates while money scheme operators are deceiving illiterate people with their hard earned cash,” he stated.
“I thanked BPNG and licensed financial institutions for realising this problem and bringing the financial exposition to educate the people that are more illiterate to invest their money.”