People’s use of mobile financial services on the rise

Business

MORE than 800,000 people are on mobile financial services through digital platforms, according to Bank of PNG governor Loi Bakani.
Bakani was giving an overview on Monday of the financial inclusion programmes at the Financial Inclusion Innovation Summit in Port Moresby.
He noted the importance of technological innovations in the sector.
“We strongly believe that technological innovations is the way to reach remote parts of our country since the traditional bank branches are not viable,” he said.
“The Bank of Papua New Guinea created a regulatory stage to introduce digital financial services in the country.
“We are extremely pleased to note that over 800,000 people are now linked to mobile financial services and banks. Mobile network operators and even postal services are operating in this area.”
He said BPNG would invest in retail electronic payments system to facilitate interoperability among mobile users.
“PNG has over 13,000 financial services alternative delivery points in the country that includes bank agents, ATMs and EFTPOS,” he said.
“The opening of over 1.5 million accounts, introduction and expansion of financial education and introduction of children’s savings and micro insurance using digital platforms are some of the achievements we have.”
Bakani said the government and BPNG were in the process of creating a financial inclusion policy.

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