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Population
10.6M
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Online population
2.8M
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Currency
PGK
Population - 10.6M
Papua New Guinea is one of the world’s most linguistically diverse countries with over 840 languages spoken.
**Internet penetration -**27%
There were 2.8M internet users in Papua New Guinea at the start of 2024.
One key initiative is the Retail Electronic Payments System (REPS), developed by the Bank of Papua New Guinea (BPNG). This system provides a secure infrastructure for processing payments and is complemented by a regulatory sandbox that allows fintech startups to test new solutions under regulatory supervision. The sandbox is part of BPNG’s broader efforts to foster innovation and improve financial services in the country.
A notable player in PNG's FinTech space is NiuPay, which offers online payment solutions, particularly for small and medium enterprises (SMEs). NiuPay's technology-neutral platform allows businesses to integrate with an Internet Payment Gateway at a lower cost, making digital payments accessible to a broader market. This initiative has been crucial in supporting PNG's move toward a more digital economy.
Another significant collaboration is between Kina Bank and SNS Tech, which focuses on secure online payments by integrating Kina Bank’s payment gateway with cloud accounting platforms like Xero. This allows businesses to accept card payments seamlessly, offering more convenience and efficiency in managing their finances.
These developments indicate that PNG's FinTech sector is poised for growth, with a focus on increasing financial access, improving payment infrastructure, and supporting the digitalization of businesses.
There are 4 major commercial banks and 12 licensed financial institutions ****operating in the country, however, the Bank of South Pacific is by far and away the most dominant in the market. The banking sector is regulated by the Bank of Papua New Guinea, the country's Central Bank.
According to UNICEF, there is a high degree of income inequality, whereby 40% of the population lives below the extreme poverty line. Furthermore, many of these people are unbanked as research reveals 80% of the population does not have access to financial services