The Centre for Excellence in Financial Inclusion
Papua New Guinea

 

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.

There are currently 7 industry working groups actively working to help implement the strategy:

  1. Digital Financial Services Working Group (DFS)
  2. Inclusive Insurance Working Group (IG)
  3. SME Finance Working Group (SME)
  4. Financial Consumer Protection Working Group (FCP)
  5. Access to Finance for Informal and Agricultural Enterprises Working Group (IEAF)
  6. Financial Literacy Financial Education Working Group (FEFL)
  7. Resources Sector Engagement Working Group

STRATEGY IMPLEMENTATION

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 7 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.