The number of societies contracted during this period from 121 to 20 as the Bank de-licenced and liquidated dormant societies. Consistent with ensuring stability of the financial system, the rapid growth of fast money scams is a concern to the Bank of Papua New Guinea.
In response, the Bank took measures to close their operations, periodically place advertisements in the media about the dangers in investing in such scams. The Bank and law enforcer’s actions are limited against fast money scheme operators but we continue to warn the public to take necessary precaution and refrain from taking unnecessary risks through expectations of abnormally high rates of return.