UN fund helps rural families access better financial services

The National Business

THE United Nations Capital Development Fund has assisted hundreds of rural families access better financial services, says an official.
Executive secretary Roy Trivedy told guests during the fund’s 50th anniversary celebration in Port Moresby on Thursday that since its establishment in 1966, the agency had worked in 48 least developed countries in the world, including Papua New Guinea, to assist poor families with financial inclusion programmes.
“Here in Papua New Gionea, the United Nations Capital Development Fund, through the Pacific Financial Inclusion programme had reached 403, 806 clients with some form of financial services,” he said.
Some of the work included:

  • 1.1 million new-user accounts being opened;
  • 130,000 young people opening bank accounts;
  • 125,000 adults receiving training in financial literacy;
  • 600,000 people using micro insurance;
  • 300,000 people using mobile banking facilities;
  • 15,000 ATMs established in the country.

The financial services include helping rural women save money through formal channels adapted to their needs, extending the reach of digital financial services through mobile banking, which reduce the costs of sending and receiving money and working with digital payment platforms to expand access to essential goods and services such as solar-powered cook stoves and lights.
“As a small organisation with longstanding presence and expertise in many countries, the United Nationa Capital Development Fund operates where there is a significant gap not filled by other development finance actors,” Trivedy said.
He said the United Nations Capiatl Development Fund had funded more than 100 financial service providers including banks, insurance companies, remittance operators and mobile money operators, incentivising them to include poor people in their business models.
Trivedy said they had operated in the Highlands region of Papua New Guinea and other centres including the New Guinea Islands region to improve the financial services.