Governor of the Bank of Papua New Guinea

​Financial inclusion summit this week

Governor of the Bank of Papua New Guinea, Loi Bakani, said the Summit will cover a wide range of topics on finance, including workshops and discussions on innovations that will help the country’s large number of unbanked citizens.

Among the topics is blockchain – currently a hot favourite in the financial world where according to experts, would benefit Papua New Guineans at a greater scale, and as far as financial inclusion is concerned.

Bakani: Five toea is still legal tender

Governor of the Bank of Papua New Guinea, Loi Bakani clarified this today, saying lollies or anything else must not be given in place of a 5 toea when issuing change.

Governor Bakani said customers can inform the bank of any service provider short-changing them or refusing to give 5 toea as change, and they can be dealt with.

“There is an adequate supply of 5 toea coins in the banks, and even here at the Bank of PNG, that service providers or retail shop owners can get, so there is no reason for short-changing customers with 5 toeas,” Governor Bakani said.