In a historic milestone for Papua New Guinea, Minister for State Owned Enterprises William Duma, announced that the National Banking Corporation, formally known as People’s Micro Bank has been granted its full-service commercial banking licence by the Bank of Papua New Guinea.
“This is more than just a bank; National Banking Corporation is a bold step towards financial freedom for all Papua New Guineans. As a bank belonging to the people, it reflects the ongoing commitment of the Marape government to provide essential financial services to everyone across the country. National Banking Corporation is set to drive progress by fostering financial inclusion, supporting local business and delivering sustainable economic growth.” Minister Duma said.
Governor of the Bank of PNG, Elizabeth Genia, commended National Banking Corporation for meeting the rigorous standards required to obtain the licence, emphasizing the significance of this achievement within just 18 months.
Chair of the board of National Banking Corporation Mr Darrell Seeto, said the achievement is a culmination of strong leadership and collaboration between the government, the Bank of Papua New Guinea and the dedicated team at National Banking Corporation.
He said with the licence now granted, the bank is poised to make a lasting impact on the financial sector, offering services that will empower individuals, support local businesses and contribute to the growth of the country.
“Today marks a proud moment for National Banking Corporation as we officially receive our licence to operate as a full-service commercial bank. This milestone reflects the dedication and hard work of our entire team as well as the trust and support of the government and the Bank of PNG.” Mr. Seeto said.
