The Bank of Papua New Guinea has since carried on this dream. The Societies promoted thrift amongst their members, educated them in financial responsibility, received their savings and in turn, provided loans to enhance their economic well-being. This also enabled their participation in the economic growth of the nation.
The services that the savings and loan societies provide are complementary to those provided by other financial institutions such as banks and finance companies. Operationally they differ from other  BIS Review 63/2004  1  financial institutions in the way they are run.