We need to do more in banking, says Abel

OVER three million Papua New Guineans have access to banking but there is a need for more, says Deputy Prime Minister and Treasurer Charles Abel.
He said during launching of Department of Treasury’s Financial Sector Development Strategy 2018 – 2030 and National Financial Inclusion Policy in Port Moresby on Friday that this was only 37 per cent of the population.
“In 2013, when we started collecting data, only 14.5 per cent of our population held an account at a commercial bank, micro bank or savings and loan scheme,” Abel said.
“We do not want to take a long time to develop this.
“We have got to continue to make sure that all these glossy books like this can translate into something good for ordinary Papua New Guineans.
“So much change is happening.
“We know that those excluded tend to be the low-income populations, in rural areas and urban settlements, with women particularly excluded.
“Only 28.4 per cent of deposit holders are women.
“The rates for credit accounts and mobile financial accounts are in a similar range, at 30.6 and 29.9 per cent respectively.
“This Government is committed to reaching all Papua New Guineans on the fringes of our monetary economy.”
“We want to see tangible outcomes from the strategies.”
“We want to see more people, and more women in particular, with access to reputable and regulated financial services, whether that is through more bank branches or through new
technology and digital and mobile services.
“We want our people to be able to make informed decisions and have more choices to help them manage their money.
“We want them to have access to secure facilities to set aside savings for the future.”
Abel said the Government wanted ordinary people to have access to reputable and affordable credit, so that ideas of setting up a business or other income-generating opportunities could become reality.
“We want them to be able to safely send money to family members, pay bills and make other payments in a cost-effective and reliable manner,” he said.
“As a nation, we need our people to be active members of our economy so that it too can grow to benefit us all.
“A strong and accessible financial sector is essential for our collective prosperity and development.”