Financial Inclusion programs to alleviate poverty

Financial Inclusion programs to alleviate poverty


Financial Inclusion is a global movement as it plays an important role for economic growth to alleviate poverty in developing countries.

Western Highlands Provincial Administrator, Joseph Nge said this while relaying the welcome remarks of Mt Hagen open MP, Minister for State Investment and Public Enterprise, William Duma in his absence at the opening ceremony of the 2016 financial inclusion exposition recently.

Nge thanked the Bank of Papua New Guinea and participating institutions to show case the third Financial Inclusion Exposition in Mt Hagen to provide avenues for financial services in the Highlands region.

He said this exposition is important because it will bring together all the financial institutions and the public to interact and learn about all financial services available in the province.

He pointed out that the G20 leaders meeting in 2009 have committed to improve access financial services to the poor countries which includes G20 financial inclusion expert group to scale up the successful model of the small and medium size enterprises.

They have financially identified lessons learned and innovation approaches to provide access to financial services.

Meanwhile, he said the financial literacy in Papua New Guinea and the government’s vision 2050 policy pillar on wealth creation and economic growth sets the road map for inclusive growth for the nation.

“This policy pillar is driven by informal sector development policy in an effort to promote economic growth and reduce poverty in the country.

Based on these policies, the national strategy for the financial inclusion was put in place to roll out and upscale financial services in the country,” he said.

The O’Neill government launched the Small and Medium Enterprise (SME) policy in March 2016, with the objective of growing and supporting the SME sector in order to create new employment opportunities.

Achieve a fair and equal distribution of wealth when majority of our citizen taken ownership in wealth creation through SMEs and achieve sustainable growth outside resource sector.

He praised the government and private institutions to provide inclusive financial services to all citizens to achieve the Vision 2050 to reduce poverty and empowering citizens to rise up to the challenge.

The Vision 2050 and the informal economic policy was drafted for people to become partner in developing this nation.


Source: PNG Loop

Date: 24th July, 2016


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