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Papua New Guinea

No Open Banking

The world’s third largest island country has its economic growth impeded by financial exclusion.

18% of the population of Papua New Guinea had access to the internet at the beginning of 2022.

More than 80% of the adults in Papua New Guinea are unbanked.

Financial inclusion is important in the Papua New Guinea (PNG) context as over 85% of the low-income population are living in rural areas and do not have access to formal financial services. The confluence of multiple barriers such as difficult geographies, lack of physical and social infrastructure, and limited technological skills and know-how has created difficult challenges in the supply and access of financial services. As a result, a large part of the low-income population, in particular rural people and women, are financially ‘excluded’, as they lack access to financial services. This exclusion is an impediment to the monetisation of rural economies and constrains the growth of micro and small enterprises.

The market’s largest segment is Digital Payments, with a total transaction value of US$300.60m in 2022.

According to the International Monetary Fund (IMF), Fintech could potentially allow Pacific island countries to alleviate the impact of structural impediments and persistent challenges, such as geographic remoteness and dispersion, small scale, limited infrastructure, and fragile correspondent banking relationships. Fintech solutions can complement existing efforts to promote financial inclusion, enhance financial sector development, and increase inclusive growth potential, thereby reducing poverty.

Papua New Guinea ranked 109th out of 134 countries in Wiley’s Digital Skills Global Index 2021