PNG changing ‘dramatically’

By MARK HAIHUIE
PRIME Minister Peter O’Neill has described the ongoing transition of the country into a modern financial system as dramatic, with challenges to be addressed by the Government and the private sector partners.
He said this during the opening of the first Kina Bank branch in Port Moresby yesterday.
He commended the bank for assisting in the transition through expansion.
“It gives me great pleasure to be here to open the new branch for Kina Bank in Port Moresby who are currently expanding financial services to our people and to our businesses in Papua New Guinea. And I know that this will definitely not be the last that will  be coming out” O’Neill said.
“Papua New Guinea has a population that is in transition.
“We are the first generation of people that are coming out of a very traditional society into a modern economy. This brings about a lot of challenges to our people on managing their finances and keeping up with the changing world, especially the digital world, and having access to the financial services it provides.
“This a dramatic change and transformation that is happening.
“That is why it is important that the Government and the private sector continue to provide strong support to our people and communities right across the country.
“Kina Bank’s branch opening and support in helping our people manage their money and their finances is an important step in this direction.
“This is a commitment that will help our people have better access to banking and financial services.”