Bank of Papua New Guinea (BPNG) Governor Elizabeth Genia has said the reopening of Bank South Pacific’s (BSP) Tari Branch in Hela Province is a significant step toward strengthening financial inclusion, supporting small businesses, and improving economic participation in rural Papua New Guinea.
Speaking at the official reopening ceremony in Tari Town on April 24, 2026, Governor Genia said the upgraded banking facility would improve access to formal financial services for individuals, subsistence farmers, and small-to-medium enterprises (SMEs) operating in one of PNG’s key resource regions.
The reopening ceremony was attended by PNG Prime Minister James Marape, Hela Provincial Governor Philip Undialu, BSP Chairman Mark Robinson, BSP management, and other invited guests.
Governor Genia said the reopening follows closely on the heels of the opening of BSP’s Minj branch, reflecting continued investment by commercial banks in provincial and rural banking infrastructure.
“It is an important moment for BSP and for the people of Tari and surrounding communities who need the full range of financial services offered by this new facility,” she said.
She emphasized that while Hela Province is widely recognised for its contribution to PNG’s resource economy, many residents continue to rely on subsistence farming and informal economic activities, making access to secure and reliable banking services critical.
“For remote communities, the lack of a modern bank branch means higher costs and greater risks. Access to banking services is essential,” Governor Genia said.
She said many Papua New Guineans in rural areas still store cash at home, exposing their savings to theft, fire, and damage caused by harsh environmental conditions.
“When savings are hidden away, they are vulnerable to theft, fire, or the demanding conditions of this remote area. By bringing people into the formal financial system, we offer them protection,” she said.
Governor Genia also highlighted the role of the banking sector in advancing financial inclusion through both digital innovation and physical banking infrastructure.
She said the new Tari branch features smart ATMs and digital banking tools designed to simplify banking services and reduce the travel burden for customers who journey long distances to access financial services.
However, she stressed that physical bank branches remain essential for building customer trust and encouraging broader participation in the formal economy.
“Alongside digital innovation, a physical branch will always remain an essential anchor,” she said.
“Branches provide the face-to-face trust necessary to encourage customers toward a more inclusive future and greater participation in the formal economy.”
The BPNG governor also used the occasion to highlight the importance of cash management within PNG’s economy, noting that despite increasing digital banking adoption, cash continues to play a major role in local trade and markets.
She said the Tari branch would support BPNG’s national cash management programme by helping remove damaged and soiled banknotes from circulation.
“A dirty or damaged note is still legal tender,” Governor Genia reminded the community.
“By depositing these notes here, you help us return them to the Central Bank for replacement with clean, new currency.”
She said maintaining the quality and integrity of currency circulation is important for sustaining public confidence in the financial system.
Governor Genia also addressed Papua New Guinea’s ongoing efforts to resolve issues related to its placement on the Financial Action Task Force (FATF) “Grey List,” describing the matter as a national economic priority.
She acknowledged Prime Minister James Marape’s support in driving reforms aimed at strengthening transparency, compliance, and financial system integrity.
“As we work to meet global standards, commercial banks remain our key implementing partners, including through branches such as this one,” she said.
Governor Genia explained that customers may experience additional identification and verification checks when conducting transactions as part of enhanced anti-money laundering and counter-terrorism financing measures.
“These are not hurdles designed to keep customers out; they are designed to keep ‘bad money’ out and ‘good money’ safe,” she said.
She added that strengthening banking compliance systems would help protect PNG’s international financial reputation and improve confidence in the country’s financial sector.
Governor Genia said the reopening of the Tari branch demonstrates how stronger banking infrastructure can support economic growth, improve transparency, and expand financial access in rural provinces.
“Today’s opening is a reminder that, no matter how remote the location, our people deserve access to financial services,” she said.
She also acknowledged BSP Bank for its continued investment in Hela Province and its partnership with Bank of PNG in supporting a more inclusive and modern financial system for PNG.
