PNG National Banking Corporation to Receive Commercial Banking License
Papua New Guinea Treasurer Ian Ling-Stuckey has announced that the National Banking Corporation will receive its commercial banking license this week, marking the addition of a third new bank in Papua New Guinea. The announcement was made during the 2024 PNG Investment Conference in Sydney, Australia.
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| Papua New Guinea Treasurer Ian Ling-Stuckey |
According to Treasurer Ling-Stuckey, the move aims to boost competition in the banking sector and improve access to affordable banking services for Papua New Guineans. He highlighted the need to address the challenges faced by many citizens, including limited banking access, high borrowing costs, and difficulties for businesses in securing loans.
TISA and Credit Bank PNG Limited were the first two institutions to be granted commercial banking licenses earlier this year. The Treasurer emphasized that the introduction of three new banks would enhance competition, benefiting both individuals and businesses.
Mr. Ling-Stuckey noted that no new banks had entered PNG’s market in the last 20 years. However, he credited the Central Bank reforms introduced in 2000 with stabilizing the financial system and paving the way for these recent developments.
The Treasurer further highlighted changes made in 2021 to modernize Papua New Guinea’s Central Banking Act, tasking the Bank of PNG with maintaining both the stability and development of the banking sector. These reforms, he said, have created opportunities to expand the financial sector and improve services for the people.
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