Financial Inclusion : Strategy
PNG’s first financial inclusion strategy
In 2013, the Papua New Guinean Government launched PNG’s National Financial Inclusion & Financial Literacy Strategy 2014-2015 (NFIFLS). This was the nation’s first plan to tackle the problem of poor access to financial services facing the majority of Papua New Guineans.
Six industry working groups were formed to help implement the strategy:
- Electronic Banking Branchless Banking Working Group (EBBBWG)
- Inclusive Insurance Working Group (IIWG)
- Data Measurement & Monitoring Working Group (DMMWG)
- Consumer Protection Working Group (CPWG)
- Government Coordination Working Group (GCWG)
- Financial Education Financial Literacy Working Group (FEFLWG)
As the peak industry body, CEFI plays a pivotal part in coordinating the strategy’s rollout. We work closely with the Bank of Papua New Guinea and key stakeholders including government, financial service providers, development partners and the six industry working groups. Through collaborative planning, regular meetings and the technical support of each working group, CEFI is able to guide and monitor the strategy’s progress to ensure it reaches its objectives.
PNG’s second financial inclusion strategy
Data collected from the first strategy is showing many positive results. By September 2015, there were nearly 600,000 new adult bank accounts and 112,000 new youth bank accounts opened across Papua New Guinea. Building on the success of the first national strategy implementation and the lessons learned in the process, the Centre for Excellence in Financial Inclusion and the Bank of Papua New Guinea developed the Second National Financial Inclusion Strategy 2016 - 2020.