Formulation of a Financial Inclusion Policy

In 2016, Papua New Guinea launched the Second National Financial Inclusion and Financial Literacy Strategy (2016 – 2020).

The strategy comprises 9 priority areas:

  • Digital Financial Services
  • Inclusive Insurance
  • Financial Literacy and Financial Education
  • Financial Consumer Protection
  • Informal Economy and Agricultural Finance
  • SME Finance
  • Resources Sector Engagement
  • Data Collection and Dissemination
  • Government Engagement

The Centre for Financial Inclusion (CEFI), founded by the Bank of Papua New Guina (BPNG), is responsible for coordinating and monitoring the implementation of the Strategy. Based on the action plan of the strategy and the priority areas defined in the strategy, CEFI is seeking for advisory service in designing a complementary Financial Inclusion strategy.

The services of the technial assistance comprise:

  • Research on relevant policy documents
  • Interviews of relevant national stakeholders from the public and private sector like ministries or commercial banks, mobile phone operator.
  • Elaboration of the Financial Inclusion Policy, taking into account that:
    • the content of the Policy and the Strategy are well aligned
    • the Policy is written in a manner appropriate to the legal and constitutional context in PNG
    • the Policy provides an appropriate (political) foundation for the implementation of the objectives and activities already set out in the Strategy
  • Bilateral discussions/interviews with key stakeholders on the draft Policy
  • Workshop to present final draft and obtain final comments
  • Finalization of Policy Document