Bank of PNG to reduce unbanked population

Bank of PNG

It is the duty of the Bank of Papua New Guinea (BPNG) to assist financial service providers to provide banking services to the 80 percent unbanked population from the rural areas, says governor Loi Bakani.

BPNG governor Bakani said the central bank aims to roll out financial inclusive programs around the country to reduce the large percentage of unbanked population.

“With the help of these programs, we will reduce the figure from 80 to below 50 percent in the near future because our financial inclusion programs are implemented in the country through banks and financial institutions,” Bakani said during the opening of a two-day financial exposition in Mt Hagen last Friday.

He said the government has put more emphasis on the rural areas, which is a great opportunity people must embrace and work together to reduce the high unbanked population.

The BPNG Governor said the government, through the Bank of Papua New Guinea, will bring services to the rural areas, which is a great opportunity envisaged in the Vision 2050. This is to create a higher wellbeing of our people to become wealthy and happy.

“We have to become wealthy and change our lifestyles and living standards today,” he said.

There are different ways to approach the financial inclusion policy so that the government can realise its vision.

Bakani said: “Firstly, the aim of bringing financial services to your doorstep is because it will assist you to plant potato, cocoa, coffee, raise poultry and piggery. But if there are no financial institutions around, you will continue to invest in risky areas like hiding them in your house where people may steal or destroy it.

“It is our duty to come and assist you to get your money out from these hideouts and give to banks and financial institutions that are licensed by the Bank of Papua New Guinea,” explained the governor.

Press Release