Telikom gets nod to expand mobile money across PNG
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| Telikom gets nod to expand mobile money across PNG/Photo supplied |
Handed down by the Bank of Papua New Guinea, the licence marks the formal start of a venture company officials describe as central to closing the gap between everyday Papua New Guineans and the formal financial system, especially those living far from bank branches.
BPNG Governor Elizabeth Genia made the presentation during a ceremony at Telikom Rumana, joined by Minister for State-Owned Enterprises William Duma, Kumul Consolidated Holdings chairman Moses Maladina, Telikom Financial Services chairman Ambassador Gabriel Pepson, Telikom chief executive officer Amos Tepi and other company representatives.
Speaking after receiving the licence, Mr Tepi described it as a milestone years in the making for Telikom's ambitions in financial technology, made possible by the telco's wide-reaching network across the country.
He said the wallet service had been built with a broad cross-section of the population in mind, including growers, fishermen, small business owners and market vendors who often deal in cash and face barriers reaching banks.
By using a mobile phone connected to Telikom's coverage, he said, users would be able to move money in seconds rather than making the long trips previously required.
The chief executive also tied the launch to broader national targets, saying the system met regulatory obligations and aligned with the Government's Medium Term Development Plan IV goal of reaching 80 per cent connectivity by 2027.
For Ms Genia, the licence stood as a marker of how central mobile financial services had become to the country's economic activity, and she said the regulator was keen to see the trend continue.
She said greater competition and innovation in the payments space was something the Bank actively wanted to encourage.
Telikom's rural and remote reach, she noted, positioned the company to serve a segment of the population traditional banks had left out for years.
Even so, Ms Genia was firm that the licence came attached to real responsibilities spanning governance, customer protection, risk controls and ongoing compliance with the regulator.
Mr Tepi conceded the path to approval had been long and closely scrutinised, but maintained it was a necessary process to build public confidence in the platform.
Ms Genia also made clear that anti-money laundering and counter-terrorist financing rules would apply strictly from day one, with BPNG committing to work alongside Telikom as the service develops.
"A licence is not simply a certificate to operate. It carries an ongoing responsibility to customers, to the regulator and to the integrity of the financial system," Ms Genia said.
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