Mobile Money: A Solution for PNG’s Rural Population

Mobile money, mobile banking and virtual wallets took center stage at a conference held atthe Gateway Hotel in Port Moresby yesterday.

TheInstitute of Banking and Business Management togther withthe Centre for Financial Excellence in Financia lInclusion hostedthe Mobile Money Conference yesterday in Port Moresby.

Over a dozen international and local speakers attended, including Central Bank Governor, Loi Bekani, international experts as well as representatives fromthe country’s finance and banking sectors.

Financial inclusion and financial literacy werethe main topics discussed by international and local e-banking professionals, noting that 85% ofthe country’s population is rural based, away from most banking facilities.

On discussion were some ofthe needs ofthe country’s unbanked communities, Also highlighted were some ofthe challenges that service providers such as BeP and Digicel face when rolling out mobile banking products; challenges that are mostly due tothe country’s harsh geography and poor infrastructure.

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