Financial and investment decision are greatly affected by the bank that we have our accounts with. Whether it’s a Business SME Account or Personal Transaction Account, individual banks are different as they compete to attract the customers money. The main reason banks exist is to collect and keep money from those who have surplus money and lend it to those who need money in the form of loan and charge a interest on the that money. Certain portion of the interest earned is then paid to the surplus account holder and as dividend or interest.
Therefore, each bank offers different savings and investment products available to the account holders.
In PNG, since Kina Bank bought off ANZ Retail Banking (Physical Branches Banking Services and ATM Services), left the country with only three (3) retail commercial banks. Bank South Pacific (BSP), Kina Bank, Westpac PNG. Westpac tried to sell it’s Retail Banking operations to Kina Bank as well but it was stopped by the Independent Consumers and Competition (ICCC), the PNG Government statutory body responsible for protection of consumer rights and fair competition among businesses.
Now, the Bank of Papua New Guinea (BPNG) have authorized three banks to operate in country. They are as follows:
- Credit Bank PNG
- TISA Bank
- National Banking Corporation
Credit Bank PNG.
Credit Bank PNG is owned by the Credit Corporation Limited. Credit Corporation Limited is one of country’s reputable investment and finance company serving various industries in the country. It has now added the Credit Bank to their portfolios. According to it’s website, it has operations in Fiji, Vanuatu and Solomon Islands.
TISA Bank
TISA Bank is owned by the PNG longest Savings and Loans Society, The Teachers Savings & Loans Society (TISA). The moved their expanded their Lending Services to the general public under the company name, TISA Community Finance (TCF) and later moved to become a fully operational Retail Commercial Bank. To kick start their customer accounts base, they have created automatic accounts for members of the TISA Savings and Loans Society.
This gives the members and a general public various banking options across the country, given their members in all the provinces of the country. Not only teachers but also the general public. They already have existing network of offices and agents around the country.
National Banking Corporation
National Banking Corporation was formally known as People’s Micro Bank, serving local SMEs and individuals in all the provinces, and now rebranded it as National Banking Corporation and become PNG’s new bank.
All these three banks have one common characteristic and that is they all have been active in the PNG Banking and Finance industry for quite a well and transitioning into Banks. So as 2025 progresses and PNG Celebrates 50 Golden Jubilee come September 2025, these local banks are part of this country’s success stories.
For the general public, there is healthy competition to bank their money with.
