O’Neill praises financial inclusion strategy

By Memo Hauke
PRIME Minister Peter O’Neill says it is pleasing to know that through the first National Financial Inclusive 2014 to 2015, the Government is able to deliver some level of financial services to the rural areas.
He said that yesterday during the launching of the second National Financial Inclusion Strategy from 2016 to 2020 at the IBBM Centre in Port Moresby.
The financial inclusion (inclusive financing) is the delivery of financial services at affordable costs to sections of disadvantage and low-income sections of society.
This is in contrast to financial exclusion, where those services are not available or affordable. It is a key enabler to reducing poverty and boosting prosperity.
“In recent years, much has been talked about the growth of our economy, how our country is developing, how our government has been able to develop strategies that are innovative and trying to include the rural PNG into the mainstream economy of our country,” he said.
“With the nine new priorities areas for the second national financial inclusion strategy for the next four years, we are still moving forward.”
The key areas include digital financial systems, inclusive insurance, financial education and literacy, financial client protection and the informal sector.
The nine key areas provide the framework for coordinating, advocating and sustaining efforts in partnership with all stake holders to achieve the common vision of creating an inclusive and sustainable PNG.