Correspondent bank danger persists

Photo: People’s Micro Bank

The loss of correspondent banking services, limited financial inclusion, a potential increase in non-performing loans and difficulty accessing credit are amongst the challenges the financial sector in the Pacific continue to face.

Despite years of financial inclusion initiatives, ADB Financial Sector Specialist, Shiu Raj Singh notes that financial inclusion in Papua New Guinea remain a massive challenge, as a result of its topography, spread out communities and limited infrastructure.

“The banks’ branches are focused in urban areas, there are also security concerns, and the presence in the rural areas is not there, so there . . .

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