18 Aug 2010

Branchless banking raised at a meeting in PNG

10:29 am on 18 August 2010

Representatives from the Bank of Papua New Guinea, commercial banks, Post PNG and other organisations have met to discuss the regulatory implications of branchless banking.

The newspaper, the National, reports sixty workshop participants spent the day learning about different mobile money transfer systems in operation around the World, including a mobile money pilot recently introduced in PNG.

The largest provider in the World is Safaricom in Kenya, a subsidiary of the Vodafone Group.

Safaricom's M-Pesa system allows users to add value to their "mobile wallet" at a Safaricom store or participating M-Pesa agent (such as a top-up vendor or local village store) and they can use that electronic value to purchase goods, buy top-up, or transfer funds immediately to another Safaricom user anywhere across Kenya.

Bank PNG Governor Loi Bakani says he recognises the potential for mobile money in the country.

He told the workshop there is an absence of basic financial services in PNG's rural areas.