Papua New Guinea holds successful first national Financial Inclusion Forum

On 22 November 2024 in Port Moresby, the Bank of Papua New Guinea (BPNG) organized a successful first PNG Financial Inclusion Policy Forum.

Speakers included BPNG Governor, Elizabeth Genia, BPNG Assistant Governor, George Awap, Centre for Excellence in Financial Inclusion (CEFI) Executive Director, Saliya Ranasinghe, AFI Director of Policy Programs & Implementation, Dr. Eliki Boletawa, as well as experts from government ministries, Asian Development Bank, United Nations Capital Development Fund, financial institutions and other stakeholders.

The meeting discussed ongoing initiatives around digital financial services, gender inclusive finance, inclusive green finance and parametric insurance, as well as the progress of PNG’s National Financial Inclusion Strategy 2023-2027. It concluded with a Financial Inclusion Excellence awards ceremony, celebrating achievements across a wide range of areas.

“Today’s discussions will shape the policies and programs that will define the next decade of financial inclusion in Papua New Guinea,” said Governor Genia. “Financial inclusion is not just about numbers, it is about real lives, real families and real communities. If we ensure that policies and programs are firmly based on the reality of people’s lives and livelihoods, financial inclusion can be a transformative force for economic growth, poverty reduction, and social empowerment.”

Dr Boletawa highlighted PNG’s groundbreaking Inclusive Green Finance Policy, which was launched last year, saying “AFI was pleased to be able to support PNG in developing the IGF Policy, and we stand ready to support the work of the Green Finance Centre which is bringing that policy to life. We have already learnt a lot from Papua New Guinea’s inclusive approach to greening its financial system, and we look forward to following the next stage of the journey”.

Both the Centre for Excellence in Financial Inclusion and the Green Finance Centre were recently incorporated into BPNG’s Financial Development and Innovation Group, headed by Asst. Governor Awap.