The Bank of Papua New Guinea’s recent innovations has helped financial institutions roll-out financial services to people who have never accessed banking services.
Governor Loi Bakani highlighted this while explaining the Financial Inclusion Innovation’s System in a recent event in Port Moresby.
The Bank of Papua New Guinea in collaboration with the Centre for Excellence & Financial Inclusion has been undertaking innovations to ensure people have access to the bank’s products and services.
They had relied on commercial banks and other financial institutions like micro banks to help in the exercise.
BPNG started the financial inclusion concept in 2010 with various international and micro finance institutions including Asian Development Bank.
Over the last years, through their first strategic plan launched in 2016 figures of people unbanked have been reduced to around 72 to 73 percent which is over 4 million Papua New Guineans.