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Digital Financial Services

The Industry working group will focus on innovative ways to expand access and encourage market using ICT. It will facilitate the development of payment systems that serve the low-income population sustainably in order to reduce the time and money that low-income earning people spend to conduct financial transactions. The Industry Group will also identify pertinent research that will enable service providers to better serve low-income and remote communities

Progress Update: The wroking group is organizing an interactive participant seminar Webinar to discuss these initiatives.  The Webinar is facilitated by CEFI as the Secretariat with technical support from the working Group. The seminar webinar objectives are the following

  1. Identify and review strategies, policies, regulations that currently contribute to digital financial services in PNG, including the national payment system;
  2. Reforms to the telecommunications sector, including infrastructure as an enabler for digital financial services
  3. Identify key issues and opportunities to enhance agent networks and distribution through digital financial services.
  4. Digital identity innovations surrounding KYC to enhance uptake of mobile banking services
  5. Based on PNG circumstances, develop options to improve the uptake of digital financial services and awareness and identify priority actions.

    Symposium will target the provision of information sharing needs of industry players and regulators in digital financial services.  Representatives will include:

  1. Respective government agencies
  2. Bank of Papua New Guinea
  3. Mobile Network Operators
  4. Financial Institutions
  5. Fintech organizations
  6. Academia
  7. Development partners

Expected Outcome:

  • Alignment of Financial Inclusion Policy and the NFIS to Digital Financial Services in PNG
  • Identify focus areas of interest to implement,
  • Identify the Deliverables in the sectors in the area of interest to deliver Digital Financial Services in PNG
  • Pursue PNG’s Financial Inclusion interest through Digital Financial Services
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