Financial Inclusion

Posted on:Apr 03, 2018Input Suppliers

Information and links to financial services for rural entrepreneurship in Papua New Guinea. These include credit facilities, insurance, savings and payment services that could contribute significantly to rural development and economic growth.

 

1. Pacific Financial Inclusion Programme – United Nations

The Pacific Financial Inclusion Programme is a financial inclusion initiative jointly implement by the United Nations Capital Development Fund and the United Nations Development Programme to help Pacific Islanders meet development challenges through a combination of local development and access to finance initiatives.

The programme aims to add one million Pacific Islanders to the formal financial sector by 2019 by supporting policy and regulatory initiatives, funding innovation with financial services and delivery channels, disseminating market information, and empowering consumers. Countries of focus are Fiji, Papua New Guinea, Samoa, Solomon Islands, Tonga and Vanuatu.

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2. The Centre for Excellence in Financial Inclusion

The Centre for Excellence in Financial Inclusion (CEFI) was established by PNG’s National Executive Council (NEC) as the industry apex organization for coordinating, advocating and monitoring all financial inclusion activities in PNG. CEFI focuses on financial inclusion and literacy, poverty elimination and the promotion of vibrant financial institutional operation in Papua New Guinea.

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2. Financial Inclusion – Bank of Papua New Guinea

The Bank of Papua New Guinea recognises that expanding financial services can encourage the participation of more Papua New Guineans, especially those in rural areas and urban settlements, in development activities in both the formal and informal sectors of the economy, and that the benefits of growth and technology need to be widely shared. The bank hence endeavours to assist through the advancement of micro-finance, internet and mobile phone banking initiatives and other programs.

The National Financial Inclusion Strategy (2014-2015) sets a road map in the provision of financial products and services to reach one million unbanked and underserved people across the country, 50% of whom will be women. Among the key deliverables are financial education and literacy, growth of financial service providers, innovative models of financial service delivery, and consumer protection.

Following the conclusion of the 1st strategy, a second framework was development (National Financial Inclusion Strategy 2016-2020) going forward, basically providing an update by identifying new priority areas, strategic-objectives, and fine-tuning implementation mechanisms.

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