By SEPKOLIN WALNE
THE Department of Finance has signed the Memorandum of Understanding with the Bank of South Pacific Financial Group to facilitate its Electronic Funds Transfer (EFT) system.
Finance Secretary Samuel Penias acknowledged the support from BSP Group and said: “This MOU is not just another document. It marks a milestone in our continuing journey of financial reform and digital transformation.
“It brings us together in partnership to strengthen the way government managing ethical funds, not only at the national level, but most importantly, Provinces and districts where most of our citizens live and depend on efficient, timely and accountable service delivery,” Mr Penias said.
BSP Group Chief Operating Officer Nuni Kulu said: “It does mark a significant milestone, and particularly in progress in our digital journey.
“It’s a digital transformation journey and no doubt in PNG, but I think the signing of this MOU as well and paving the way for electronic funds transfer is really leading the way forward, and we’re proud that the department of finance and in this partnership with BSP Financial Group, has now undertaken a joint venture that not only in progressing our journey, but also just in the design of it and all the development and implementation,” Ms Kulu said.
Bank of Papua New Guinea Assistant Governor Alfred Napun, who witnessed the signing, said: “I wish to commend the government in particular, department of finance commitment regarding our EFT across government.
“This initiative reflects a deep understanding of the critical role digital transformation plays in public financial conditions.”
He added that it also demonstrates a strong job to reduce wickedness and improve accountability and services more effectively to our people.
“As a central bank, the Federal state of PNG plays a vital role in providing oversight and strategic guidance to ensure the resilience and integrity of our national planning system,” Mr Napun said.
Australian High Comm minister counsellor Dr Cate Rogers also attended the event and said: “Australia has a strong relationship with the department of finance to recognize that the department plays a key role in budget execution and ensuring transparent and comfortable public expenditure.
“Australia is honoured to be a trusted partner to support the department in its important areas, to support public financial management,” Dr Rogers said.