Bank of PNG seeks ways to achieve financial inclusion for the country

Business

THE Bank of PNG is still trying to find innovation and digital platforms to achieve financial inclusion for the country.
“Our journey towards financial inclusion so far has been one of exciting developments and achievements.
“For example, we developed a block-chain-based identity creation solution,” said assistant governor corporate affairs Elizabeth Genia.
She addressed the closing of a four-day block-chain distributed ledger technology development skills training programme in Port Moresby last Friday.
“That’s great news because the certainty of identity becomes security of financial transaction – a big step forward in our financial inclusion destination,” she said.
“But even more importantly for our country is the fact that this world-first solution doesn’t need internet access, any connection with the mains power or smartphone technology.
“One of the many things that we have identified on our journey is the simple fact that there aren’t enough experienced block-chain solutions developers to cope with demand. The demand for skilled people is already strong and will keep growing into the future.
“It is also very clear to us that Papua New Guinea in general and BPNG specifically need to reduce our dependence on offshore solution developers, many of whom are self-employed and therefore represent a key-man risk to us.
“We must be able to count on having a local talent bank on skilled and experienced people to give the strong capability we must have to continue technological development. We must invest in our people.”

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