West New Britain keen on improving financial inclusion

WEST New Britain is now ahead of other provinces in its efforts to improve financial inclusion for the people beginning with the provincial administration.
The provincial administration signed a memorandum of understanding (MoU) with the Centre for Excellence in Financial Inclusion (Cefi) last week to advance financial activities in the province.
It is the first province in the country to sign the MoU, according to a joint statement from Cefi and the provincial administration.
The Bank of PNG Governor and Cefi chairman Loi Bakani and provincial administrator Hosea Williamson signed the agreement to promote the integration of financial inclusion in the provincial administration planning and implementation processes and also build the capacity of the staff to implement important financial inclusion activities.
The activities will include integrating the PNG financial inclusion strategy in provincial government planning process to expand banking and financial services network, increase formal bank accounts for residents, financial literacy and business development training and digitising provincial government payments.
Cefi as the custodian of the PNG Financial Inclusion Strategy and the implementer of government financial inclusion policy will be working closely with WNB administration staff to train and build their capacity and knowledge to roll out financial literacy and business development services training to reach a wider population in province, targeting mainly youths and women.
Bakani noted the significance of improving financial capability of communities in the province.
“The province hosts the country’s largest oil palm industry, including timber and tourism,” Bakani said.