The dream The Bank of Papua New Guinea’s involvement with the savings and loan society movement goes back a long way. In fact, prior to the Central Bank’s own establishment in 1973, the Reserve Bank of Australia’s branch in Papua New Guinea encouraged the development of the movement to promote financial knowledge and skills amongst the populace, in the lead-up to independence.
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.