Over 200,000 children’s accounts opened with banks: Bakani

By DALE LUMA
THERE are now more than 200,000 children’s savings accounts in Papua New Guinea, says Bank of Papua New Guinea (BPNG) Governor Loi Bakani.
Bakani said this yesterday during the signing of a memorandum of understanding (MoU) between BPNG, Centre for Excellence in Financial Inclusion (Cefi) and the Department of Education.
He said the accounts were not accessible until the account holder turned 18.
He said there were no fees with the accounts and it would earn interest when the accounts were maintained with commercial banks.
He said BPNG and Cefi were partners in the drive for financial inclusion.
Bakani said, even though the focus had been on the bulk of the population, it targeted children.
“The bank started its young minds savings campaign in 2014 in schools encouraging students to open accounts,” he said.
“By 2018, Cefi conducted an essay competition to promote savings in schools. As part of the young minds savings campaign, all the regulated financial institutions offered through our collaboration savings products targeting school children.
“We now have over 200,000 children’s savings accounts in PNG.”
Bakani said it was important to involve schools and teachers to promote the savings concept with the children