Bank of PNG opens Lae Branch

Bank of Papua New Guinea has officially opened its K120 million Lae Currency Processing Facility (CPF) building on Saturday.
The opening of this facility will help to bring central banking services closer to the people by supporting the other cash processing facility in Port Moresby.
BPNG Governor Loi Bakani said will  open for business starting today.
Mr Bakani said the decision to build the Lae CPF was within the BPNG’s overall strategy of reaching the unbanked population of Papua New Guinea of which Lae is the hub and gateway to the Highlands, Momase and New Guinea Islands regions.
He said the Bank’s new state-of-the-art facility in Lae is BPNG’s first facility outside of Port Moresby, and will demonstrate the BPNG’s commitment to improve its banking services to the people across the country.
“The primary objective of the bank is to improve efficiency and cost-effectiveness in the distribution of the PNG currency (notes and coins), and to promote the quality of notes and coins in circulation.
“The CPF also comprises of a Modernise office setup and furniture styles with a Data Centre, including modern currency processing machines, high security systems and will be housing 70 workers who will work and live in Lae” said Bakani.
The governor also warns public of illegal money schemes saying the facility will strengthen the Bank’s efforts in extending financial services to a wider rural population of PNG through its financial inclusion and education programs.
Deputy Prime Minister Charles Abel said the central banking services are important as it helps to bring developments that will help to boost economical activities in the country.
“Our government is committed and will continue to work closely with the BPNG to achieve successful growth and development outcomes including setting policy framework to create more jobs for our people” said Mr Abel.
Governor General Sir Bob Dadae said the CPF building will provide wider services in terms of empowering the economical growth of the country.
Sir Dadae said BPNG is working alongside the government and have bigger plans in place to bring developments and services to the people of PNG through proper financial empowerment in future.

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