Business News

Rural PNG Lacks Financial Literacy

By Colleen Barilae – EMTV News, Lae

A survey on the level of financial knowledge among rural populations in Morobe and Madang, conducted by the Bank of Papua New Guinea and the Institute of National Affairs, has revealed that there is lack of understanding on banking systems.

It now recommends an improvement for customers’ understanding within financial institutions’ systems.

BPNG’s assistant Governor, Ellison Pidik, says financial literacy is a mechanism, encouraged in financial institutions to educate people.

Data of the one-year survey has indicated banking education, a mechanism that should be enhanced to ease complications, people in rural areas face when accessing financial institutions.

The changing time in technology has made it even difficult for older people in villages to understand banking.

Based on Madang and Morobe’s survey, it has indicated, level of accessing financial systems is way lower than the average levels in other developing countries.

Bank of Papua New Guinea continues to encourage commercial banks and other financial institutions to promote financial literacy in rural areas.

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