Prime Minister Hon. James Marape has today (13.12.24) welcomed the announcement by Bank of Papua New Guinea in its issue of a commercial banking license to new bank, the National Banking Corporation (NBC).

Bank of PNG this morning presented the license to NBC, a subsidiary of the National Development Bank (NDB), in line with the Marape-Rosso Government’s efforts to provide banking to areas across PNG unreached by Bank South Pacific, Kina Bank, and other established commercial banks in PNG.

Prime Minister Marape said he welcomed this news, stating that NBC would soon start selling out 80 percent equity in the new bank to PNG’s superfunds, landowner, companies, and nationally-owned businesses as well as individual Papua New Guineans.

He highlighted NBC’s unique position to expand to centres across the country as it builds on the presence of People’s Microbank and NDB.

“In the last five years since taking Office, we have made it our goal to open up banking to our people by having more banks in the country. Today, with license being issued to National Banking Corporation, besides licenses to Tisa Bank and several other PNG-owned bank, this provides our people with more options and opens up the pathway to financial empowerment. More importantly, it demonstrates the volume in the growth of our economy. We must have more banks to help carry the load so our people do not rely too heavily on just one or two commercial banks in the country,” said PM Marape.

Prime Minister Marape acknowledged the support of Governor of BPNG, Mrs Elizabeth Genia; and the board and management of BPNG for enabling this process to happen quickly and in time as PNG prepares to celebrate its 50 years of Independence in 2025.