Licensed Financial Institutions (LFI)

LIST OF AUTHORISED OR LICENSED FINANCIAL INSTITUTIONS IN PAPUA NEW GUINEA AS AT 30 SEPTEMBER 2019

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. Bank of South Pacific Limited
3. Kina Bank 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. Kada Poroman Microfinance Limited
8. Nationwide Microbank Limited
9. Papua Finance Limited
10. People’s Micro Bank Limited
11. PNG Microfinance Limited
12. Resource & Investment Finance Limited
13. TISA Community Finance Limited
14. 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. East New Britain Savings & Loan Society Limited
5. Financial & Private Sector Savings & Loan Society Limited
6. Manus Savings & Loan Society Limited
7. Nasfund Contributors Savings & Loan Society Limited
8. Niu Ailan Savings & Loan Society Limited
9. Mining & Petroleum Savings & Loan Society Limited
10. Nambawan Savings & Loan Society Limited
11. PNG Power Savings & Loan Society Limited
12. PNG Ports Corporation Savings & Loan Society Limited
13. PNG Waterboard Staff Savings & Loan Society Limited
14. Post Telecommunication & Pangtel Savings & Loan Society Limited
15. Rural Development Bank Savings & Loan Society Limited
16. Teachers Savings & Loan Society Limited

D) Authorised Mobile Network Operator

This institution is authorised to collect and transfer money through the use of mobile phones.

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

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. Best Nation Investment Limited
3. JNI Limited
4. Marino Exchange Limited
5. MH Money Express (PNG) Limited
6. Money Exchange PNG Limited
7. Paivu Tours Limited
8. RSC Forex Limited

H) 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
6. Asia Pacific Insurance Brokers Limited

I) Superannuation Funds

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 Limited (AonMT)
2. Defence Force Retirement Benefit Fund Limited (DFRBF)
3. Nambawan Super Limited (NSL)
4. National Superannuation Fund Limited (Nasfund)

ii. Licensed Fund Administrators

1. Aon Hewitt (PNG) Limited
2. Kina Investment & Superannuation Services Limited
3. IP Wealth Management Limited

iii. Licensed Investment Managers

1. BSP Capital Limited
2. Kina Funds Management Limited
3. Frontier Equities Limited (Frontier)
4. PacWealth Capital Limited
5. Niugini Capital Limited

J) Gold Exporters

These institutions are authorised to export gold.

i. Alluvial Gold Exporters

1. Aviga Impex Limited
2. Golden Valley Limited
3. Italpreziosi South Pacific Limited
4. Mi-Do Gold Buyers & Exporters Limited
5. Panners Gold Limited
6. Armstrong Precious Metals Limited
7. Bullion Scope Limited
8. Jia Gold Holdings Limited
9. Soi Gold Exports Limited

ii. Mining Companies

1. Lihir Gold Limited
2. Morobe Consolidated Goldfields Limited
3. Newcrest PNG 1 Limited
4. Simberi Gold Company Limited
5. K92 Mining Limited

Kina exchange rate (MIDRATE)

Last Updated:
Released:29/06/2020

USD 0.2890
AUD 0.4202
EUR 0.2569
GBP 0.2336
JPY 30.96
NZD 0.4493
SGD 0.4026

Kina Facility Rate:

    • Jun 2020  3.00%
    • May 2020  3.00%
    • Apr 2020  3.00%
    • Mar 2020  5.00%
    • Feb 2020  5.00%
    • Jan 2020  5.00%
    • Dec 2019  5.00%
    • Nov 2019  5.50%