Province to promote financial inclusion in plans

Business

NEW Ireland will now promote the integration of financial inclusion in its provincial administration planning and implementation processes.
This follows the signing of an agreement with the Centre for Excellence in Financial Inclusion (Cefi) to advance financial inclusion activities in the province.
The partnership will enable capacity building for the provincial administration staff to implement financial inclusion activities, especially for youths and women.
It is aimed to expand banking and financial services network, increase banking accounts for people, financial literacy and business development training and digitising provincial government payments.
Bank of PNG governor and Cefi chairman Loi Bakani said it was important to improve the financial capability of communities in New Ireland.
“The province hosts two of the country’s largest mines and oil palm plantations, including timber and tourism (industries),” Bakani said.
“Together, these industries contribute over K100mil (annually) to the national purse.
“By improving access to banks, micro banks, banking agents, ATMs, formal banking products and financial literacy training these will enable people to understand skills and attitudes especially behaviours in order to make sound financial decisions suited to improve their standard of living.”
New Ireland Governor Sir Julius Chan said the signing demonstrated a new phase in development for the province to improve the savings culture of the people who had access to cash from mining royalties, oil palm, cocoa, copra, timber and fishery products.