By MIRIAM MALAWA
BANK of Papua New Guinea Acting Governor Mrs. Elizabeth Genia says the overall objective of Third National Financial Inclusion Strategy (NFIS3) is to reach 2 million unbanked population by 2027 and 50% of whom will be women.
She made the remarks during the third National Financial Inclusion Strategy 2023-2027 launching on Monday, 24th, 2023. NFIS3 aims to integrate the unbanked into the formal economy, alleviate poverty, reduce economic inequality, and raise living standards for all.
She said the NFIS stated that the Bank recognises that expanding financial services can encourage the participation of more Papua New Guineans, especially those in rural areas and urban settlements, in development activities in both the formal and informal sectors of the economy, and that the benefits of growth and technology need to be widely shared.
Speaking at the event, Chief Secretary Mr Ivan Pomaleu stressed the importance of financial inclusion in promoting sustainable development, supporting education and health, and mitigating climate change.
He highlighted the strategy’s focus on global trends, emerging issues, digital financial services, and gender.
Financial institutions, including BSP, Kina, Westpac, Digicel, Savings and Loans Federation, Nationwide Micro Bank, Women’s Micro Bank, People’s Micro Bank, and Kada Poroman Microfinance, participated in a signing of contract ‘I-Commit’ committing to measurable inclusion targets.
The event ended with the announcement of the Financial Inclusion Excellence awards (FIEA) by Assistant Governor, FSSG Mr. George Awap.
The awards aim to recognize and promote financial inclusion efforts across several categories, including Financial Inclusion and Deepening Award, Financial Innovation Award, Inclusive Green Finance Award, Financial Inclusion Media Contribution Award, Financial Inclusion Advocate Award, and the Financial Inclusion New Player Award.
