By Meriba Tulo – EMTV News, Port Moresby
The Retail Electronic Payments System (REPS) is now live with three financial institutions the first to be connected to this National Payment System. Bank of PNG Governor, Loi Bakani, announced this in Port Moresby today. REPS went live on July 22nd with two major banks, and one savings and loan society the first to be connected to this system.
Bank of PNG Governor Loi Bakani, today announced the launch of the Retail Electronic Payment System – the country’s National Payment System, designed to improve the time taken for payments between financial institutions on a daily basis.
The development of REPS is a major step forward for the country’s financial sector.
According to Governor Bakani, the introduction, and launch of REPS fulfils the bank’s objective in overseeing national payments.
With REPS going live on the 22nd of July, the bank has already realised benefits for customers of financial institutions connected to this national payment system.
With REPS now live and with more financial institutions expected to be connected to this system in the coming months, a National Payments Council has also been established to oversee this system with a view to also discuss and put in place measures to deal with issues such as pricing into the future.