Finance

Access to these services can be made possible by a dedicated mobile banking team, and today, 27^th November the bank launched its Mobile Banking Team known as Red Thunders.

At the launch, the bank’s Chief Executive Officer Roppe Uyassi said the Red Thunders is an initiative established by the organization to make banking easier, accessible and faster through the use of the Mobile Phone.

Uyassi said the service will reach customers in Port Moresby including other provinces as well.

Pikinini Saver is a vital addition to Nambawan Savings & Loans Society's range of products as it addresses the need for parents to save for planned major events in their children's lives.

Director, Shirley Margin, emphasizes the importance of instilling a savings culture in society, especially in a country where financing homes and education poses a significant challenge. She says the introduction of Pikinini Saver is a way to empower parents and guardians, ensuring they have adequate funds to cater to their children's educational needs and future endeavours.

Emphasizing that the country cannot afford any more wastage in terms of funding and resources lost to fraud and corruption.

PM Marape stated, “We have been destroying our country for so long through wastage, (and) corruption and complacency. Two of the biggest cancer eating into our public service machinery and political structures – complacency and corruption.”

The Prime Minister said he wants perpetrators of corruption to be prosecuted with the full force of the law.

The report, entitled: 2022 Financing for Sustainable Development Report: Bridging the Finance Divide, finds that while rich countries were able to support their pandemic recovery with record sums borrowed at ultra-low interest rates, the poorest countries spent billions servicing debt, preventing them from investing in sustainable development.

The pandemic shock plunged 77 million more people into extreme poverty in 2021, and by the end of the year, many economies remained below pre-2019 levels.

BSP Group CEO Robin Fleming said this is the first of such MoU with any government department.

“These payment gateway modes would appropriately suit different paying sectors of the population of which some are rural based suited with mobile payment mode and Kiosk which would be made available in all cash offices and popular and common public access points, while online will suit city residents and overseas paying clients,” Mr Fleming said.

The world’s six large multilateral development banks (MDBs) delivered over $28 billion in financing last year to help developing countries and emerging economies mitigate and adapt to the challenges of climate change. The latest figures bring total collective commitments of the past four years to more than $100 billion.   
 
In 2014, the six banks together provided over $23 billion dedicated to mitigation efforts and $5 billion for adaptation work, according to the fourth joint report on MDB Climate Finance.