PNG’s financial services sector, which is regulated by the Bank of Papua New Guinea, is considered amongst the most competitive in the Pacific region.

While retail banking has grown, the remoteness of the bulk of PNG’s population and its challenging terrain mean that physical retail outlets are costly to establish and maintain.

To increase financial inclusion and financial literacy, there has consequently been a heavy focus on mobile banking and e-commerce, which is gaining traction, including in remote areas. PNG nevertheless has one of the lowest levels of formal banking in the world.

(Source: Doing Business in Papua New Guinea)