The Centre for Excellence in Financial Inclusion (CEFI) and the National Information and Communications Technology Authority (NICTA) formally signed a Memorandum of Agreement (MoA) to support the establishment of a Fintech Incubation Centre at PNG University of Technology Campus in Lae, Morobe Province.
The MoA was signed on Monday 12th January 2026 at the Unitech Campus by CEFI’s Acting Executive Director Mr. Peter Samuel and NICTA’s Acting Chief Executive Officer, Mr. Polume Lume.
The new Fintech Incubation Centre will support the development and growth of financial technology startups by providing mentorship, funding, networking opportunities, and access to industry expertise. The initiative aims to foster innovation within the financial services sector, assisting entrepreneurs to refine business models, develop products, and navigate regulatory requirements.
The Centre will also facilitate collaboration between fintech startups, the Bank of Papua New Guinea’s regulatory sandbox, and established financial institutions, promoting the integration of new technologies into traditional banking and finance systems. The ultimate objective is to accelerate the growth of fintech entrepreneurs and enhance the broader financial ecosystem, expanding financial inclusion across Papua New Guinea.
CEFI’s Acting Executive Director, Mr. Peter Samuel, described the signing of the MoA as a “momentous occasion” and a significant step towards advancing digital financial inclusion in PNG. Speaking at the ceremony, he acknowledged NICTA’s leadership, as well as Unitech’s role, and expressed appreciation for the renewed collaboration.
Mr. Samuel explained that CEFI was established by the Bank of Papua New Guinea to address persistent financial exclusion, noting that “around 80 per cent of the population remains in the informal sector,” limiting the reach of traditional monetary and regulatory policies.
He highlighted CEFI’s impact in expanding access to banking and improving financial literacy, stating that the number of people with transaction accounts has grown from fewer than 800,000 to close to one million since CEFI’s inception.
He further emphasized that challenges remain, particularly in reaching remote communities and reducing reliance on cash.
“The Fintech Incubation Centre at Unitech will provide a platform to tap into young minds and local innovation, enabling the development of digital financial solutions tailored to PNG’s context,” he said.
“These innovations will progress through CEFI’s incubation programme and the central bank’s regulatory sandbox, opening pathways to investment and scale.”Bottom of Form
In response, NICTA’s Acting Chief Executive Officer, Mr. Polume Lume, underscored the importance of collaboration in driving the project forward, noting NICTA’s commitment to providing office equipment and internet connectivity to support learning and growth.
He described the MoA signing as a significant milestone in advancing PNG’s digital transformation agenda.
Mr. Lume explained that the partnership brings together three critical pillars: connectivity, inclusiveness, and sustainability.
“NICTA’s role is to ensure reliable and meaningful connectivity through a conducive regulatory environment, while CEFI contributes to financial inclusiveness, and Unitech plays a vital role in developing skilled talent,” he said.
He emphasized that digital transformation must go beyond infrastructure to focus on impact, noting, “Connectivity alone is not enough; it must be meaningful and inclusive.”
He added that cooperation and co-design are central to the MoA, supporting applied research and locally tailored solutions. Mr. Lume reaffirmed NICTA’s commitment to working closely with CEFI, Unitech, and other stakeholders to sustain digital transformation through education, skills development, and innovation.
Following the MoA signing, attendees visited the proposed site for the Fintech Incubation Centre at Unitech. Supporting this initiative are the PNG ICT Cluster and Unitech, with key stakeholders eager to collaborate to bring transformative changes to the financial services landscape, ensuring financial systems become more efficient, inclusive, and accessible to individuals in both urban and rural areas.
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About CEFI
CEFI was established under the Association Incorporation Act and officially launched on the 24th of April 2013. CEFI was endorsed by PNG’s National Executive Council (NEC) as the industry apex organization for coordinating, advocating and moniotoring all financial inclusion activities in PNG.
CEFI’s vision, mission and values focus on financial inclusion and literacy, poverty elimination and the promotion of vibrant financial institutional operation in Papua New Guinea.
Visit our website – www.thecefi.org
Media Contact:
Mr. Leslie Omaro
Communication Officer
Phone: 7464 5678
Email: lomaro@thecefi.org
Images signing of the MOA between CEFI and NICTA and visit to the proposed site for the Fintech Incubation Centre at Unitech.
