Bank of PNG launches National Financial Inclusion Strategy

Bank of Papua New Guinea Governor last week launched PNG’s National Financial Inclusion & Financial Literacy Strategy 2014-2015. The launch of the strategy which coincided with the Bank hosted Financial Inclusion Expo at the Sir John Guise Indoor Stadium in Port Moresby aims to target 1 million bank accounts in the next 2 years with 50 percent for women.

The expo which is the second to be held after its inaugural launch last year in Lae, creates a forum for financial institutions, commercial banks and government agencies to show case products and services and also to inform people about awareness on the development of financial products and services.

Minister for Treasury, Don Polye who launched the strategy said it will pave the way for stakeholders including Government agencies, financial institutions and commercial banks to work with the grass roots people including women to provide ways for them to easily access financial services. Also launched during the two days expo was the National Youth Savings Campaign aimed at encouraging children between the age of 15 – 25 to open bank accounts and save money.

Thirteen financial institutions are taking part in the campaign which ends in 2015. The institutions include BSP, Westpac, ANZ, Nationwide MicroBank, Teacher Savings & Loans Society, Police Savings & Loans Society, PNG Microfinance Ltd, Kada Poroman Microfinance, Nasfund Savings & Loans, Sepik Savings & Loans Society, New Irelands Savings & Loans Society and ENB Savings & Loans Society. Governor for Bank of PNG, Loi Bakani acknowledged the support of financial institutions in encouraging youth savings campaign. National Youth Campaign aims to target school children between the age of 15 -25 and create a savings culture whereby children learn to save money at an early age.

This year expo was held on Dec 6 -7 with 30 financial institutions and commercial banks participating and over 15, 700 attendees.