Digitec PNG Financial Services Limited, trading as V-MONI; Omega Paymybills PNG Limited; and Lower OK Tedi Micro Bank Limited have officially received licence certificates from the Bank of Papua New Guinea (BPNG) on 27 February at Robert Haus in Port Moresby.
Speaking at the licence presentation ceremony, BPNG Governor Elizabeth Genia described the development as positive news for Papua New Guineans.
“The expansion of licensed payment services means greater convenience, faster transactions and improved access to digital financial services for our people, including those in rural and remote areas,” Governor Genia said.
She added that microfinance institutions are equally vital in extending financial services to underserved communities, supporting small enterprises and promoting inclusive economic growth.
Digitec PNG Financial Services Limited, trading as V-MONI, and Omega Paymybills PNG Limited have been licensed as Payment Service Providers (PSPs) under the National Payments Act 2023.
The PSP licence enables institutions to allow customers to securely store money, make payments and transfer funds directly from their mobile phones without the need for a traditional bank account. This regulatory approval paves the way for greater participation in the digital economy, particularly for individuals with limited access to conventional banking services.
Lower OK Tedi Micro Bank Limited has been licensed as a licensed financial institution under the Banks and Financial Institutions Act 2000 to operate as a micro bank. As a microfinance institution, it is authorised to take deposits and provide lending services, particularly to small businesses and individuals who lack access to traditional credit opportunities. The move is expected to support entrepreneurship and stimulate economic activity in underserved areas.
Governor Genia reminded the newly licensed institutions that receiving a licence carries significant responsibility. She emphasised that a licence is not merely a certificate but an obligation to uphold strong oversight, effective governance and strict compliance with all regulatory requirements, including anti-money laundering and counter-terrorism financing (AML/CTF) obligations.
“As licensed financial institutions, you form part of the first line of defence in protecting our financial system. Effective customer due diligence and a strong compliance culture must be embedded in your operations from day one. Weaknesses in this area expose your institution and the entire financial system to significant risks,” she said.
The governor also assured the institutions of the central bank’s continued support.
“Of course, this is only the start of a long collaboration. You have our full support in meeting these expectations,” she added.
BPNG reaffirmed its commitment to maintaining close engagement with financial institutions to ensure that PNG’s payment and financial system remains safe, sound and trusted. The issuance of the licences reflects the central bank’s ongoing efforts to promote innovation while safeguarding financial stability and advancing financial inclusion across the country.
