National Banking Corporation to get commercial banking license

Treasurer Ian Ling-Stuckey has announced a third bank will receive its banking license this week to operate as a commercial bank.

Mr. Ling-Stuckey told the PNG Investment Conference, in Sydney, Australia that the National Banking Corporation will receive its license to function as a commercial bank.

He emphasized that increased competition is aimed at improving banking services for the people of Papua New Guinea, and adds that more people should have affordable access to banking services.

TISA and Credit Bank PNG Limited were the first two to be granted licenses this year.

Mr. Ling-Stuckey stressed that too many people are unbanked, too many borrowers have high interest costs and too many businesses find it hard to get a loan. Therefore, the entry of three new commercial banks should improve this situation.

Mr. Ling-Stuckey said PNG has had no new banks for the last 20 years however with the Central Bank reforms in 2000 – its helped stabilize the banking system which focuses on restoring financial sector stability.

He further says as part of the historic changes to modernize PNG’s Central Banking Act, Bank of PNG was asked to both maintain stability of the banking sector and its development and these changes were made in 2021.