Date: January 28, 2019
Source: Post Courier
Deputy Prime Minister and Minister for Treasury Charles Abel has urged all financial institutions to continue using innovative technology.
Mr Abel said the use of innovative technology is the way forward especially when it can scale up access to financial services and reach the remote parts of PNG.
He said this is because as individuals, families and communities we need these services to grow and prosper.
“It is a good thing that over the recent years our financial sector has been subject to a comprehensive series of health checks as a result a number of reviews was undertaken by the Bank of Papua New Guinea and the International Monetary Fund,’’ he said.
‘‘While these checks and reviews have revealed a lot more for us to do, we have good reason to have confidence in the foundations of our financial sector that includes a strong banking system, improving infrastructure for digital banking, including mobile financial services and a well-established framework for superannuation.”
He said the launch of these new strategies is the key to build on these foundations.
He said as a result they want to see continued innovative use of technology and is very pleased to note that there is a considerable progress being made amongst key private sector players in establishing a digital identity framework, which can be applied across key sectors such as finance and telecommunications.
“The use of technology should make it easier for people to open bank accounts and to access other financial services, including access to credit,’’ Mr Abel said.
“It should overcome the identity hurdles that have so far kept many people out of the formal financial sector.
This is especially the case for people in the informal sector and engaged in agricultural enterprises.”
He said the government would like to see the expansion of micro- insurance products that offer relevant and affordable cover to the people and businesses.
“We want to capitalise on the gains made in recent years in terms of financial literacy, so that people are better able to manage their day to day expenses, establish savings, and access credit in a responsible and affordable way,’’ he said.
‘‘We want to see a comprehensive consumer protection framework for financial institutions so that people’s finances are secure and that there are credible mechanism to resolve any problem that arise.”