The Bank of Papua New Guinea strongly advises the public against putting money into fast money schemes that continue to operate in the country, as they risk losing their hard-earned cash.
This was the statement by the central bank with the rise of fast money schemes in the country.
The bank warns that citizens should ensure they have fair knowledge and understanding of the products, and services being promoted to them, the party doing the promotion, how registration works and what are the terms and conditions included before getting into any deals.
The public should be wary of;
- Crypto currency Trading agents
- Circulation letters requesting transfer of millions of dollars
- Electronic mails claiming you have won millions through a lottery
- Mobile phone messages claiming you have won prizes from promotions
- Promises of online transfers to your account upon provision of upfront payments
- Individuals or entities collecting money with promises to return with interest
- Letters using BPNG letter head and forged signature of the BPNG Governor and other heads of Government Department claiming to transfer funds upon upfront payments
- Use of marketing networks to promote discount of services like hotels, airfares and hire cars for members after paying membership fees, and
- Unknown persons impersonating or pretending to be the Governor of BPNG or senior management sending emails and texts to contact or meet on various matters.
BPNG further noted that according to the Banks & Financial Institutions Act 2000 and the Savings and Loan Society Act 2015, only licensed banks, financial institutions and savings and loans societies are allowed to accept deposits from the public, namely:
Licensed Commercial Banks
- Australia and New Zealand Banking Group (PNG) Limited
- BSP Financial Group Limited
- Kina Securities Limited
- Westpac Bank (PNG) Limited
Licensed Financial Institutions
- BSP Financial PNG Limited
- Credit Corporation Finance Limited
- Finance Corporation Limited
- First Investment Finance Limited
- Handy Finance Limited
- Heduru Moni (Moni Plus) Limited
- Kada Poroman Microfinance Limited
- Kwik Moni Limited
- Nationwide Microbank Limited
- Papua Finance Limited
- People’s Micro Bank Limited
- Resource and Investment Finance Limited
- TISA Community Finance Limited
- Women Micro Bank Limited
Licensed Savings and Loans Societies
- Alekano Savings and Loan Society Limited
- Air Niugini Savings and Loan Society Limited
- CBO Savings and Loan Society Limited
- East New Britain Savings and Loan Society Limited
- Financial and Private Sector Savings and Loan Society Limited
- Manus Savings and Loan Society Limited
- Nasfund Contributors Savings and Loan Society Limited
- Niu Ailan Savings and Loan Society Limited
- Mining and Petroleum Savings and Loan Society Limited
- Nambawan Savings and Loan Society Limited
- PNG Power Savings and Loan Society Limited
- PNG Ports Corporation Savings and Loan Society Limited
- PNG Water board Staff Savings and Loan Society Limited
- Post Telecommunications and Pangtel Savings and Loan Society Limited
- Rural Development Bank Savings and Loan Society Limited
- Teachers Savings and Loan Society Limited
The public is encouraged to report any schemers if they do not receive promised benefits or are being duped off their money to legal authorities, or demand their money back.
