PFIP sets up first innovation hub in PNG

May 31, 2017

The Pacific Financial Inclusion Program (PFIP) has set up its first innovation hub in the country.
The centre is a networking opportunity for PFIP and its partners to discuss development of financial innovation in the Pacific.
PFIP program manager Mark Flaming said this is where project models will be developed and tested and validating solutions prepared up to scale.

Mr Flaming said innovations can help reduce some of the challenges faced by Pacific Islanders in accessing financial services, particularly geographical distances in reaching the nearest bank branch.
He said they have adapted techniques from the human-centred design (HCD) industry to build a structured approach to supporting models with both policy makers and providers.
HCD is an innovation approach to problem solving that starts with people and ends with solutions uniquely tailored to meet the needs of the people.
He added that the innovation lab approach represents PFIP’s most structured deployment of HCD techniques for designing, prototyping, teasing and scaling mass market financial services.
“PFIP has mobilised a cadre of world-class design talent from the emerging design industry, which is focused on mass market financial services.”
Currently, the programme has eight innovation lab projects underway in partnership with a subset of our 20 current partnerships with financial service providers,” he said.
He said the program has funded 35 projects with financial service providers with technology and products enrolling over 1.6 million Pacific Islanders across the region in agency banking, mobile wallets, microinsurance, microloans, remittances and savings groups.
These 1.6 million customers represent over one quarter (or 27 percent) of the adult population in the six countries in which PFIP operates, providing a clear signal that Pacific Islanders see the value in accessing financial services.

Source: Post Courier