The Pacific Financial Inclusion Program (PFIP) featured Women’s World Banking’s participation at the recent financial inclusion and women”s empowerment workshop in Papua New Guinea. Senior Associate for Research Anjali Banthia was in attendance to present our research of the financial needs of low-income women in the Pacific.
Click here to read the blogpost Anjali wrote about the research: “Mobile banking: an answer to the unfriendly geography for women”s financial inclusion in the Pacific”
PRESS RELEASE
How Can We Deepen Women”s Access to Financial Services in Papua New Guinea
Women constitute approximately 50% of the country’s 7 million people but disproportionally represent less than 30% of total financial services portfolio in the country. They represent an untapped population of economically active low-income businesswomen, who are also household financial managers, making a large volume of transactions. All participating commercial banks and micro banks concurred that women represent an important market segment for them and at today’s workshop, made a commitment to increase outreach to women to 50% of total portfolio by 2015.
According to Governor Loi Bakani, it is critical to consider the multi-dimensional issues relating to the financial empowerment of women in PNG. Financial services are mostly high-cost and not fully responsive to the needs of women. Financial institutions are emerging with savings and loans products but low-income customers, especially women are struggling to connect these services with a clear plan to achieve their goals, be it strengthening a business or saving for an asset.
Read the full article on PFIP”s website: http://www.pfip.org/media-centre/press-releases/how-can-we-deepen-womens-access-to-financial-services-in-papua-new-guinea.html
