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Financial inclusion through Private Sector Digital Identification in PNG

THE YuTru private sector led digital identification (ID) scheme has been introduced to expand and promote financial inclusion in Papua New Guinea.

This digital trust scheme is an initiative of the PNG Digital Commerce Association and supported by the Bank of Papua New Guinea.

It complements the National Identity (NID) program by establishing a framework for digital identity that can be shared between financial sector organisations.

Governor for the Bank of PNG Loi Bakani said this YuTru digital identification framework is aimed at people who have otherwise struggled to meet the identification requirements to open a bank account or access other financial services.Mr Bakani said the YuTru framework will support and complement the work of the Financial Analysis and Supervision Unit (FASU) improve the degree to meet standards about identifications universal Know Your Computer (KYC) and anti money laundering standards.

He said the framework will set the requirements and then banks (and firms needing a secure way of identifying their customers) can upgrade their onboarding and transaction processes to conform with YuTru’s criteria.

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