Loi Bakani

BPNG undertakes simplified ID project

Bank of PNG Governor, Loi Bakani, said the project aims to simplify the ID process making financial services available to people in rural communities.

Speaking at the NASFUND Savings & Loans Rebranding Launch, Governor Bakani said the Know Your Customer Project will assist people in rural communities.

“Identification is a big issue for our simple rural people in the village so that’s our next project. And we are working very hard to have a simplified and standardized way or system of identification,” said Bakani.

NCSL launches new logo

The rebranding comes 17 years since the company’s establishment, becoming the largest savings & loans organization in the country.

After 17 years the original ncsl logo and brand was retired signifying the end of an era continued growth.

Chief Executive Officer, Vari Lahui, said the rebranding suits the changing times.

“Tonight, ladies and gentlemen, we will be witnessing the change of our corporate logo, adding a more modern touch to our brand. And given all we have done over the years; we feel that it needs a refreshing look.

NCSL launches new logo

The rebranding comes 17 years since the company’s establishment, becoming the largest savings & loans organization in the country.

After 17 years the original ncsl logo and brand was retired signifying the end of an era continued growth.

Chief Executive Officer, Vari Lahui, said the rebranding suits the changing times.

“Tonight, ladies and gentlemen, we will be witnessing the change of our corporate logo, adding a more modern touch to our brand. And given all we have done over the years; we feel that it needs a refreshing look.

BPNG to assist financial institutions

He explained that BPNG will be working with financial institutions to assist those affected.

Bakani said loss of jobs means a loss of income and the Bank of PNG is working with financial institutions to help those affected.

One of the measures the Central Bank took was reduce the Policy interest rate, by 2 per cent. This led to banks reducing their base lending rates and associated rates and fees for products and services they offer, to allow customers to borrow at lower rates during this crisis period.

Another measure BPNG took was injecting liquidity with banks.

BPNG warns against money scams

He said BPNG does not do banking for individuals and groups.

You see them meeting, almost every day, in groups around Port Moresby’s parks.

They are part of so called financial groups, which targets individuals to register and contribute certain capital, for that big ‘payout’- something many will not get.

Central Bank governor, Loi Bakani, on Friday warned the public of such scams and impersonators.

BPNG backs AFL

The event took place at the Coles Oval and was witnessed by staff of BPNG, AFL PNG and Port Moresby AFL.

In handing over the key, Governor of the Bank of Papua New Guinea, Loi Bakani, said BPNG was continuing to working closely with AFL PNG and sponsors to ensure this year’s competition runs smoothly, especially in the senior division.

“The Hilux belonged to BPNG but is still in good running condition. It was fully serviced before being given to Port Moresby AFL,” said Bakani.

​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.

Bakani maintains stance on political statements

Bakani was responding to Loop PNG’s questions regarding a statement released by former prime minister and economist, Sir Mekere Morauta, about Bank of Papua New Guinea (BPNG) irresponsibly facilitating the government’s debt management.

Sir Mekere claimed that the latest data released by the BPNG shows that the central bank has been printing money for the government, fueling its wasteful spending.

However, Bakani told Loop PNG that he will not comment during this election period.

​Polye challenges Bakani to facilitate debate

In a media conference on Monday in Port Moresby, Polye said the statement from Bakani stopping politicians to talk about the country’s economy during this election is very shocking.

He said the statement is very irresponsible from someone who is supposed to be guiding the people and the Government of PNG.

“It’s the people’s right to freedom of expression and freedom of speech to discuss such issues.

“He should encourage families and government to talk about the budget and how well our economy is going.”