Papua New Guinea is rapidly advancing towards a more inclusive digital economy with the introduction and expansion of full-service wallet banking systems. These innovations are designed to bridge the significant financial access gap, particularly for the estimated 40-75% of the adult population that remains unbanked, predominantly in rural and informal sectors.
A key player in this digital transformation is the SevisWallet App, which was officially rolled out in partnership with MiBank. This app represents a crucial step towards financial inclusion, enabling Papua New Guineans to open MiBank accounts, send and receive money, and top up mobile credit directly from their smartphones. The SevisWallet integrates seamlessly with the MiBank ecosystem, offering digital account opening through SevisPass biometric identity and person-to-person transfers using verified digital identities. This initiative leverages the country's high mobile penetration rate, exceeding 70%, to extend financial services to underserved areas.
Further solidifying the nation's commitment to digital finance, Telikom PNG has been granted a Payment Service Provider License by the Bank of Papua New Guinea (BPNG) for its own digital e-wallet. This development is expected to be a critical turning point, moving state entities beyond mere connectivity into the realm of digital finance.
The broader objective of these initiatives is to empower citizens with secure, convenient access to essential financial services and to build a digitally inclusive economy where every citizen can participate. The SevisWallet, which is now available on the Google Play Store, also allows users to enroll for SevisPass, complete secure identity verification, and open a MiBank account in under ten minutes. This digital identity framework, SevisPass, is aligned with PNG's emerging digital public infrastructure, allowing for self-enrollment, automated self-verification, and the issuance of a tamper-proof digital ID, along with instant digital Visa card issuance.
Such full-service wallet banking systems in PNG are not just about transactions; they are about transforming access to services, reducing cash-handling costs for financial institutions, and providing a modern digital finance ecosystem that supports P2P transfers, bill payments, merchant QR, and agent-led services, all built for growth and adoption.