This entity aims to work with the mission to “Promote excellence in financial services, innovate delivery channels, and facilitate financial education”. MEP has an overarching goal of enhancing financial inclusion by extending financial services to the bulk of the rural population in PNG. A key deliverable of MEP is to set up the CEFI.
The banking ID card that all banking customers received a few days ago is an important measure in this area. The credit information database is expected to provide a complete solution to this issue. The database will serve as an additional tool in increasing competition and expanding access to credit while reducing the discrimination derived from a lack of information.