Perhaps these initiatives can be modeled by our Pacific neighbors in their endeavor to develop their microfinance sectors given that many of our features are similar. Regulatory and Supervisory Developments Microfinance is a new and fast growing industry in PNG, and I believe in the other Pacific countries as well.
For PNG, there is no legal framework currently in place to regulate and supervise the industry. However, the Bank of PNG (“Bank”) is in the process of establishing a legal framework for the microfinance industry and will soon announce broad guidelines on the licensing requirements for microfinance institutions or microbanks.