85pc of locals are unbanked, says central bank chief

By REBECCA KUKU
THE Women’s Micro Bank is a key financial inclusion bank that reflects the development and achievements in the financial sector, says BPNG governor Elizabeth Genia.
Genia said during the opening of a branch of Women’s Micro Bank’s in Kerema, Gulf that 85 percent of Papua New Guineans “are unbanked”.
“The Bank of PNG Regulatory Sandbox was established in 2021 to drive financial inclusion and the adoption of innovative technologies to better serve the citizens of PNG,” she said.
“The Regulatory Sandbox is a pathway to test new and innovative technologies, typically in partnership with a licensed financial institution, to help improve accessibility, customer choices, efficiency, security and quality in the provision of financial services.
“And the Women’s Micro Bank is providing an inclusive financial service that will make available banking services to all Papua New Guineans.”
Prime Minister James Marape thanked Genia for partnering with financial institutions to provide an inclusive banking and financial service for all Papua New Guineans.
He also encouraged female students to look up to Genia as a role model.
“She is also a Gulf woman. If she can climb this high in her career, you can too,” he said. “And to the women in Gulf, make use of the opportunity and the service been provided to go into agriculture, go back to your land, work your land, start farms and businesses.
“Gulf will soon have the Papua LNG, the PASCA gas project and Wildbeest projects. I want to see Gulf businesses supplying food to them from their farms.
“I want to see Gulf businesses engaged in contracts.”