The National, Wednesday July 24th, 2013
MONEY transfer is being simplified to get more people involved in the economy and develop more local businesses, Digicel PNG said.
Since 80% of Papua New Guinea’s population lives in rural communities, the need to create sustainable businesses is more crucial these days and experts believe that financial literacy is essential for economic development.
When phrases like “financial inclusion” and “growing small-to-medium enterprises” are being used more often by members of the current parliament, economists and bankers, it is clear that the drive is to make banking a lot more accessible to the rural person.
In a statement, Digicel said: Telecommunication, which was once only used for calls and text messaging, is now changing the way money is handled.
“Instead of standing in long queues, transactions can happen at the palm of your hand, with a touch of a button transactions can happen in a safe and convenient way.”
Digicel facilitates a number of services for the country’s major banks like ANZ, BSP, Westpac and Nationwide Microbank to make money transfer and top-up a lot easier for consumers.
These services allow a person with a Digicel mobile phone number to withdraw money or pay for goods and services from an ATM or an EFTPOS machine.
Charges for sending money voucher for traditional financial institutions: ANZ GoMoney transfer value of K50 (K2 charge), K100 (K5 charge), K200 (K5 charge), K500 (K8 charge).
Person-to-person transfer transactions could only be completed if both the recipient and the sender can be verified and are registered to the same wallet.