By ESWIN PLESIO
UPNG Journalism Student
THE Financial Inclusion Policy Forum and Excellence Awards Program was held today at the APEC Haus, Port Moresby.
During the event, an update on the National Financial Inclusion Strategy (NFIS) for the years 2023-2027 was presented, along with a discussion on the role of Parametric Insurance in building Climate Resilience and expanding financial inclusion in Papua New Guinea by the center for Excellence in Financial Inclusion (CEFI) Executive Director, Mr. Saliya J. Ranasinghe.
Mr. Ranasinghe said, the NFIS aims at developing and implementing a national strategy to increase financial inclusion in PNG. He noted the journey of Financial Industry in PNG comprehending the capacity development, pub, innovation and technology.
“Through the NFIS framework, there can be the provision and promotion of finance literacy program in every rural areas in which in overall we all have the financial inclusion in sight now where it can facilitate innovation in the financial sector,” Ranasinghe said.
CEFI, establishes the development of microfinance in 2012, followed by the BPNG mayor declaration in 2013.
They hosted the first financial inclusion strategy in 2014 which was on financial inclusion and literacy which is important for promoting financial inclusion, financial development and ultimately financial stability.
Additionally, the first financial exposition was held to bring together individuals from various financial industries to collaborate on implementing the national strategy in Papua New Guinea.
“We create these this forum for people to create ideas and also we are thinking of bringing more into the sandbox,” Mr. Ranasinghe said.
The event also highlighted the progress and future initiatives of the National Financial Inclusion Strategy in PNG, emphasizing the importance of collaboration and innovation in the financial sector to achieve greater financial inclusion and stability.
