Licensed Financial Institutions (LFI)

LIST OF AUTHORISED OR LICENSED FINANCIAL INSTITUTIONS IN PAPUA NEW GUINEA AS AT 31 AUGUST 2023

As part of the ongoing efforts by the Bank of Papua New Guinea (“the Central Bank”) to inform the general public of the authorised financial institutions, the Central Bank hereby provides an update as at 31 August 2023. The general public is again reminded of the need to conduct financial transactions only with financial institutions authorised by the Central Bank.

The following financial institutions listed below are authorised or licensed under the Central Banking Act 2000, Banks & Financial Institutions Act 2000, Savings and Loan Societies Act 2015, Superannuation (General Provisions) Amendment Act 2000, Life Insurance Act 2000 and National Payments Act 2013. 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. Kina Securities Limited
4. Westpac Bank (PNG) Limited

B) Licensed Financial Institutions (LFIs)

1. BSP Finance (PNG) Limited
2. Credit Corporation Finance Limited
3. Finance Corporation Limited
4. First Investment Finance Limited
5. Handy Finance Limited
6. Heduru Moni (Moni Plus) Limited
7. I-Finance PNG Limited
8. Kada Poroman Microfinance Limited
9. Kwik Moni Limited
10. Nationwide Microbank Limited
11. Papua Finance Limited
12. People’s Micro Bank Limited
13. Resource & Investment Finance Limited
14. TISA Community Finance Limited
15. Women’s Micro Bank Limited

C) Savings & Loan Societies

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. CBO Savings & Loan Society Limited
4. Bougainville 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 Power Savings & Loan Society Limited
13. PNG Ports Corporation Savings & Loan Society Limited
14. PNG Waterboard Staff Savings & Loan Society Limited
15. Post Telecommunication & Pangtel Savings & Loan Society Limited
16. Rural Development Bank Savings & Loan Society Limited
17. Teachers Savings & Loan Society Limited

D) Payment Service Provider

1. Digicel Financial Services Limited (DFSL)

E) Authorised Money Remitters

These institutions are authorised to conduct international fund transfers.

1. Digicel Financial Services Limited (DFSL) – inward remittances only
2. MH Money Express (PNG) Limited
3. Post PNG Limited (Western Union)

F) Representative Office

1. Bank of China (BoC)

G) 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

H) 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

I) Life Insurance Business

These institutions are authorised to conduct life insurance business as specified under the Life Insurance Act 2000.

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) Ltd (under liquidation)

ii. Life Insurance Brokers

1. AON Risk Services Limited
2. Kanda International Insurance Brokers & Risk Consultants Limited
3. Marsh (PNG) Limited
4. Niugini Islands Insurance Limited
5. Sunrise Assurance Brokers Limited

J) 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. Aon Master Trust PNG
2. Defence Force Retirement Benefit Fund
3. Nambawan Super
4. National Superannuation Fund

ii. Licensed Trustees

1. Aon Superannuation (PNG) Limited
2. Comrade Trustee Services Limited
3. Nambawan Super Limited
4. National Superannuation Fund Limited

iii. Licensed Fund Administrators

1. Aon Hewitt (PNG) Limited
2. Kina Investment & Superannuation Services Limited

iv. Licensed Investment Managers

1. BSP Capital Limited
2. Kina Funds Management Limited
3. Frontier Equities Limited (Frontier)
4. Pacwealth Capital Limited