LIST OF AUTHORISED OR LICENSED FINANCIAL INSTITUTIONS IN PAPUA NEW GUINEA
AS AT 30 AUGUST 2024
As part of the ongoing efforts by the Bank of Papua New Guinea (“the Central Bank”) to inform the general public of the authorized financial institutions, the Central Bank hereby provides an update as at 30 August 2024. The general public is again reminded of the need to conduct financial transactions only with financial institutions authorized by the Central Bank.
The following financial institutions listed below are authorized or licensed under the Central Banking Act 2000, Banks & Financial Institutions Act 2000, Savings and Loan Societies Act 2015, Central Banking Act 2000, Superannuation (General Provisions) Amendment Act 2000 and Life Insurance Act 2000. It is illegal for any company or person whose name is not listed below to conduct any form of business meant for these institutions without a licence from the Central Bank.
These authorised financial institutions are licensed or authorised to accept deposits from the public.
A) Commercial Banks
1. Australia & New Zealand Banking Group (PNG) Limited
2. BSP Financial Group Limited
3. Credit Corporation Finance Limited t/a CreditBank PNG
4. Kina Securities Limited
5. TISA Bank Limited
6. Westpac Bank (PNG) Limited
B) Licensed Financial Institutions (LFIs)
1. BSP Finance (PNG) Limited
2. Finance Corporation Limited
3. First Investment Finance Limited
4. Handy Finance Limited
5. Heduru Moni (Moni Plus) Limited
6. I-Finance PNG Limited
7. Kada Poroman Microfinance Limited
8. Kwik Moni Limited
9. Mahogany Capital Limited t/a Mahogany Finance
10. National Banking Corporation Limited
11. Nationwide Microbank Limited
12. Papua Finance Limited
13. Resource & Investment Finance Limited
14. Women’s Micro Bank Limited
C) Savings & Loan Societies
i. These societies are authorised to accept deposits and give out loans to their members only.
1. Alekano Savings & Loan Society Limited
2. Air Niugini Savings & Loan Society Limited
3. Bougainville Savings & Loan Society
4. CBO Savings & Loan Society Limited
5. East New Britain Savings & Loan Society Limited
6. Financial & Private Sector Savings & Loan Society Limited
7. Manus Savings & Loan Society Limited
8. Nasfund Contributors Savings & Loan Society Limited
9. Niu Ailan Savings & Loan Society Limited
10. Mining & Petroleum Savings & Loan Society Limited
11. Nambawan Savings & Loan Society Limited
12. PNG Nurses Savings & Loan Society Limited
13. PNG Power Savings & Loan Society Limited
14. PNG Ports Corporation Savings & Loan Society Limited
15. PNG Waterboard Staff Savings & Loan Society Limited
16. Post Telecommunication & Pangtel Savings & Loan Society Limited
17. Rural Development Bank Savings & Loan Society Limited
18. Teachers Savings & Loan Society Limited
D) Payment Service Provider
1. Digicel (PNG) Financial Services Limited (DFSL)
E) Authorised Money Remitters
These institutions are authorised to conduct international fund transfers.
1. Digicel (PNG) Financial Services Limited (DFSL) – inward remittances only
2. MH Money Express (PNG) Limited
3. Post PNG Limited (Western Union)
F) Authorised FX Dealers
These LFIs other than commercial banks are authorised to deal in foreign exchange.
1. First Investment Finance Limited
2. Heduru Moni (Moni Plus) Limited
G) Authorised Bureau of Currency Exchanger (Money Changers)
These institutions are authorised to collect and change foreign currencies.
1. Betta Rates Limited
2. JNI Limited
3. JANDU Limited
4. Kundu Finance Limited
5. Marino Exchange Limited
6. MH Money Express (PNG) Limited
7. Money Exchange PNG Limited
8. RSC Forex Limited
Life Insurance Business
i. Life Insurance Companies
1. BSP Life (PNG) Limited
2. Capital Life Insurance Company Limited
3. Life Insurance Corporation (PNG) Limited
4. Pacific MMI Insurance Limited
5. Workers Mutual Insurance (PNG) Limited (under liquidation)
ii. Life Insurance Brokers
1. AON Risk Services Limited
2. Bougainville Insurance Brokers Limited t/a Niugini Islands Insurance Brokers
3. Kanda International Insurance Brokers
4. Marsh (PNG) Limited4.
5. Sunrise Assurance Brokers Limited
I) Superannuation Funds (Licensed Trustees)
The following institutions are authorised to conduct their activities as specified under the Superannuation (General Provisions) Act 2000.
i. Authorised Superannuation Funds
1. Defence Force Retirement Benefit Fund
2. Nambawan Super
3. National Superannuation Fund
4. Pac Super
ii. Licensed Trustees
1. Comrade Trustee Services Limited
2. Nambawan Super Limited
3. National Superannuation Fund Limited
4. Pac Super Limited
iii. Licensed Fund Administrators
1. Kina Investment & Superannuation Services Limited
2. Pac Solutions Limited
iv. Licensed Investment Managers
1. BSP Capital Limited
2. Frontier Equities Limited (Frontier)
3. Kina Funds Management Limited
4. Niugini Capital Limited