Finance Department rolls out EFT system across East and West Sepik

The Greater Sepik Region has taken a major step towards government digitalization, with all districts in East and West Sepik now moving away from traditional government cheques to the Electronic Funds Transfer, or EFT, payment system.

The transition is part of the government’s broader digital reform agenda under the Medium-Term Development Plan IV, and will see EFT payments integrated directly with the government’s Integrated Financial Management System, IFMS.

Finance officers and administrators from both provincial and district levels across East and West Sepik are currently attending an EFT training workshop in Vanimo, West Sepik Province.

The training, facilitated by the Department of Finance, began yesterday and is designed to equip officers to process payments electronically.

Acting First Assistant Secretary for Provincial and District Finance Management at the Department of Finance, Chris Waiya, said the digital shift will strengthen payment security and accountability.

"The digital transition is designed to improve payment security, efficiency and real time transaction traceability," Waiya said.

He said the integration with IFMS means all payments will now be processed in real time.

The Department of Finance states that once processed, funds can hit a recipient’s bank account in as little as four minutes.

A similar workshop has already been conducted in the Highlands Region, with the Sepik training and Madang marking the rollout in the Momase

Provincial Administrator for East Sepik Province, Samson Torovi, welcomed the initiative, saying it is a positive start for the province.

"We are happy to be partners, we are working behind the scene to ensure that all our officers receive the neccesary training and skills to implement the intitative" said Mr. Torovi

In West Sepik Province, Telefomin District has been using the EFT system since last year.

The remaining three districts - Vanimo-Green, Aitape-Lumi and Nuku - will now transition to the new platform.

West Sepik Provincial Finance Manager, Yeliko Narapal, said while the move is a step forward, challenges are expected in rural areas due to internet connectivity.

"It's a way forward for the province, though there can be some setbacks in the rural districts," Mr. Narapal

The Department of Finance says the integration of EFT with IFMS is critical for improving public finance management.