Digital ID and superannuation pilot projects in PNG approved to boost financial inclusion

The Bank of Papua New Guinea (BPNG) has approved pilot projects aimed at transforming the nation’s financial landscape. According to The National, these projects will focus on the development and implementation of a digital identification system and a new superannuation insurance product, both of which are expected to enhance financial inclusion across the country.

The digital ID system will leverage technology to provide citizens with a verifiable identity to facilitate easier access to banking and financial services, particularly for those in rural and underserved areas.

This push for digital identification is complemented by the introduction of the DigiZen’s Bank ID card, a product developed by the Department of National Planning and Monitoring in collaboration with various stakeholders. The DigiZen’s card is specifically designed to address the challenges faced by the rural population in Papua New Guinea. By offering a digital identity system that can be used for a range of banking services, the card is set to play a role in bridging the financial inclusion gap in these remote areas.

The approval of these pilot projects follows the successful rollout of similar initiatives in other parts of the world, where digital IDs have proven to be instrumental in promoting financial inclusion and security. The projects are also part of BPNG’s ongoing efforts to align with global best practices in financial regulation and innovation.

In addition to the digital ID system, the BPNG has also approved a pilot for a superannuation insurance product. This insurance initiative is tailored to protect the savings of the working population, providing them with a safety net in case of unforeseen events. The super insurance is expected to work in tandem with the digital ID system, in a bid to ensure that all registered individuals can access their benefits.

By providing a digital identity and financial products, the BPNG aims to empower Papua New Guineans with the tools needed to participate fully in the financial system.

Article Topics

biometrics  |  digital ID  |  digital identity  |  digital inclusion  |  financial inclusion  |  Papua New Guinea