24.7 C
Port Moresby
October 17, 2021
Business Life News

Financial Inclusion Strategy Progress

By Leanne Jorari – EMTV News, Port Moresby

The Centre for Excellence in Financial Inclusion hosted a Working Group Workshop for stakeholders today to review the progress of the National Financial Inclusion Strategy, 2016 to 2020.

To date, around 1 million bank accounts have been opened nationwide as part of the strategy.

In a room full of financial inclusion stakeholders, the country’s industry apex organisation, CEFI, reported on the progress of the 2nd national financial inclusion strategy.

According to Ellison Pidik, Assistant Governor of the Central Bank, the National Financial Inclusion Policy was recently approved by cabinet.

He issued a challenge to stakeholders to to use the remaining years of the 2nd strategy to drive efforts and be more visible.

The strategy implementation does not come without setbacks however, the country’s geographical terrains make service delivery quite difficult and low technology innovation and penetration suggest that the traditional modes will not work.

The Working Group aims to deliver solutions to these hurdles.

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