1. Digital Financial Working Group
The WG comprises of partners from various financial institutions, the network operators, government bodies, PFIP/UNCDF, and the Bank of Papua New Guinea with coordination from CEFI.
With the advancement in technology, the WG has had activities, shifting from cash to a more advanced payment system, with the aim of making financial activities easy & accessible. This has seen the Bank of Papua New Guinea working closely with major stakeholders in carrying out the National Switch, and most definitely into Blockchain. The Draft Agent Network Regulation is also reviewed, for setting up Agent Banking.
In consultation with the Working Group, NICTA has implemented the Sim Card registration, as a government regulation, with the 3 network operators: Digicel, Telikom, & Bmobile/Vodafone. This paves way for mobile banking accessibility.
So far the Working Group has had 3 Working Group Meeting & is set to have 6 this year, the first scheduled for the 7th of March 2018.
2. FLFE Working Group
Partners with DOE and other government bodies, NRI, BPNG, MEP, PFIP/UNCDF, financial institutions, IBBM, & non-government organizations.
Financial education is the key drive for financial inclusion. Working in partnership with Financial Education Training Providers in rolling out FE Training. In partnership with different institutions, MEP conducted FE trainings, and mass graduations in several regions of PNG.
A MOU was developed and submitted to the Department of Education for review, thus a proposed notion for incorporating the financial literacy & education into the National Education Curriculum.
3 Working Group meetings have been conducted & the WG is set to have 6 this year, the first scheduled for 18th April 2018.
3. Resources Sector Engagement Working Group
Working with Government agencies: MRA, Chamber of Mining, DAL, NFA, UNCDF/PFIP, financial institutions, MEP, BPNG.
MRA with CEFI have proposed a MOU to roll out financial inclusion activities in the WAFI Project mining community. Have also considered lessons learnt from Royalty payment at Ramu Nickel/Cobalt mining in Madang Province.
4 Working Groups conducted so far. The 2nd Working Group for this year is scheduled for the 21st of March 2018.
4. Inclusive Insurance Working Group
Comprises of Insurance Companies, the Insurance Commissioner’s Office, Office of Workers’ Compensation, BPNG, PFIP/UNCDF.
Activities underway include the update on the preparation of the Annual Insurance Industry by the OIC, the BPNG Micro Insurance Research, and the upcoming proposed micro insurance initiative of trialling out the Bundled Insurance, with the technical assistance from PFIP.
3 Working Group Meetings have been conducted, and the WG is set to have 6 this year, the first scheduled for the 8th of February 2018.
5. Financial Consumer Protection Working Group
The group comprises of government agencies, ICCC, IFC, financial institutions, UNCDF/PFIP, BPNG, and other key stakeholders.
The National Financial Inclusion Strategy provides the framework to bring people into the financial stream and consumer protection is a key priority that seeks to establish a consumer protection framework conducive for clients to voice their concerns through a formal complaint process and procedures.
In partnership with the World Bank, a workshop is scheduled to discuss the PNG Financial Consumer Protection Diagnostic Report on the 13th of February 2018, hence recommendations & actions plans for a way forward.
3 WG Meetings have been held, and 6 are set for this year: the 1st scheduled for the 16th of February 2018.
6. Access to Finance for Informal & Agricultural Enterprises Working Group
DAL, Department of Community Development & Religion, UNCDF/PFIP, FI’s, BPNG, and key stakeholders form the WG.
With the Agriculture Report from the DAL to be presented, plus the collaboration of work from the DCD&R this group has set out activities in addressing issues with the Financial Inclusion. Having the Commodity Boards; Cocoa, Coffee, Oil Palm to come onboard and share their experience, will make way for bettering financial activities whilst dealing with local farmers.
4 meetings held so far. The next meeting is scheduled for the 27th of March 2018.
7. SME Finance
Comprises of government bodies: SME Corporation, Department of Commerce & Industry (DCI), financial institutions, IFC, BPNG and PFIP/UNCDF.
The DCI having the TOR for a feasibility study on Credit Guarantee Scheme (Loans) for SME’s in PNG, will surely make way for planned activities to be carried out, with the aim of attaining key outcomes, stipulated under the NFIS.
The WG has had 1 meeting so far, and planned 6 meetings this year, the 1st scheduled for the 28th of February.