Endeavors to promote financial inclusion have gained significance globally in the recent years. In Papua New Guinea (PNG), many initiatives have been underway to enhance financial inclusion.
These initiatives include educating the community, promoting of financial institutions, innovating products and delivery channels, making appropriate changes in regulation to keep pace with the changes in the sector and integrating them to Vision 2050 of PNG.
Multiple stakeholders have contributed to the growth of the microfinance sector. One of them is the Bank of South Pacific (BSP), which is the leading bank in PNG with a comparably larger market share in the banking sector in the country.
The BSP CEO Robin Fleming recently confirms that financial inclusions remains one of the key objectives of BSP.
“Financial inclusion remains a key objective of our Retail bank’s strategy. Our BSP Rural sub branch network and our agency network which complements our main branch network, provide BSP with the capability to add new customers using our world class tablet technology.
“The emerging SME market is also an area where Retail has developed Smart Business Products to meet the needs of this customer group and which will be rolled out more aggressively in 2014” Fleming states.
As these initiatives gain significance, it is important that private and public sector join hands to ensure the country develops a comprehensive strategy on financial inclusion and coordinate collective efforts to ensure optimal utilization of resource for maximum outputs.