PNG happy with growth of new savings campaign

 BANK of Papua New Guinea says its national savings campaign for young people has continued to grow since its launch. 

Assistant governor Ellison Pidik said the campaign, which was launched in 2013, had seen the opening of more than 80,000 new childrens’ accounts by participating financial institutions in the country. 

“With regards to the national savings campaign for young minds, the campaign was launched during the financial inclusion exposition at the Sir John Guise Stadium by the then minister for treasury,” he said.

“Thirteen partner financial institutions made commitments to introduce savings products and roll out to schools and other venues for young children.

“The savings campaign targeted to reach up to 120,000 new accounts for young children especially students by end of 2015. 

“So far the bank with all its collaborative partners, especially the participating financial institutions, has visited about 74 primary schools and secondary schools in eight provinces, where over 80,000 new kid’s accounts, school student’s accounts were opened during the event and we continue to receive feedback even now.”

According to BPNG, since the December quarter of last year, the total savings balance of the accounts opened was K10.2 million.

Pidik said this indicated a growing interest by young people and especially parents to engage their children in a savings culture and was also driving the banks strategy in financial inclusion and literacy for the unbanked.