Be creative to avoid financial risks: Genia

THE country can be a global leader of emerging economies if financial institutions continue to use innovations to help people achieve financial security, an official says.
Bank of PNG assistant governor Elizabeth Genia was referring to the Pacific Financial Inclusion Programme initiative funded by the United Nations Capital Development Fund programme, during the Reuben Summerlin Innovation Award ceremony on Monday in Port Moresby.
“Achieving financial inclusion has been a particular focus for BPNG as we recognise the increasing importance of technology innovation in driving economic development in our nation and region,” she said.
She said the financial inclusion initiative founded by Reuben James Summerlin in 2008 was about reaching out to the furthest corner of the region with financial services and literacies.
“Reuben challenged us to believe in creating a society which individuals could live better lives if they have access to the right financial services for their circumstances and aspirations.
“In PNG, his vision of what financial inclusion should look like is growing stronger as corporation and collaboration between PFIP, the Bank of PNG and financial services providers have resulted in a range of initiatives now being embraced by our people. In more recent times, we have seen products like mobile micro insurance introduced by providers including BIMA, Capital Insurance and Digicel.”
Genia said this meant being able to offer financial service products and delivery systems that married useful technology with human friendly initiatives that people would willingly adopt and use.