Commercial banks – I Have 50 Dollars Fri, 24 Dec 2021 19:40:06 +0000 en-US hourly 1 Commercial banks – I Have 50 Dollars 32 32 Pakistan Depends on Global Commercial Banks to Continue Dollar Inflows (Report) Fri, 24 Dec 2021 04:12:00 +0000
A file photo of a man counting US dollar banknotes. Photo: AFP
  • Out of $ 802.3 million in foreign loans raised in November 2021, Islamabad received $ 663.2 million from international commercial banks.
  • Sources say Islamabad’s inability to complete 6th review under a $ 6 billion IMF program explains the reliance on easy dollar inflows.
  • Analysis of the data shows that the government is forced to opt for short-term commercial loans to meet its annual budget targets on external inflows.

Pakistan continues to rely heavily on international commercial banks to generate inflows of dollars in order to avoid depletion of foreign exchange reserves despite the persistent deadlock over the renewal of the IMF program, The news reported on Friday.

Of the $ 802.3 million in foreign loans raised in November 2021, Islamabad received $ 663.2 million from international commercial banks.

The publication quoted leading official sources: “It was Islamabad’s inability to complete the 6th review under the IMF’s $ 6 billion extended financing facility that continued to depend heavily on the country for entry of cheap dollars through commercial banks “.

Although it planned to raise $ 1 billion through the launch of the Sukuk bond, the government was unable to move forward after witnessing a weak appetite from the international market, the publication reported. .

It was then decided that the loan would be launched during the second semester (January-June) of the current financial year.

Against the total budget estimate of $ 14.008 billion for the entire 2021-2022 fiscal year, Islamabad has so far generated $ 4.699 billion in the first five months of the current fiscal year.

Pakistan was able to increase total inflows of dollars in loans and grants to $ 4.7 billion (exactly $ 4.699 billion) in the first five months (July-November) of the current fiscal year 2021-22 against 4.5 billion dollars generated. during the same period of the previous fiscal year.

An analysis of official data showed that the government was forced to resort to short-term commercial borrowing to close the gap and meet its fiscal targets on external inflows on an annual basis.

During the same period of the last fiscal year 2020-21, the government received $ 4.499 billion in total external inflows from several funding sources, which represented 37% of the annual budget estimate of $ 12.233 billion for the full year 2020-21.

In fiscal year 2019-2020, external inflows amounted to $ 3,108 billion, or approximately (24%) of the annual budgeted amount of $ 12,958 million. Total revenue of $ 4.499 billion represents $ 1.3 billion or 29% in program assistance / budget support to restructure the Pakistani economy; $ 1.621 billion (36%) in foreign commercial loans to repay maturing foreign commercial loans; and $ 518 million (12%) as project assistance to finance its development project activities for the improvement of the socio-economic development of the country and for the creation of assets and $ 60 million (1% ) as short-term credit while $ 1 billion (22%) received in terms of term deposits during the first five months of the last fiscal year 2020-2021.

In the first five months of the current fiscal year, the government generated $ 128.74 million from bilateral creditors, with China providing $ 73 million, France $ 3.5 million, Germany 3 , $ 52 million, Japan $ 5.15 million, Saudi Arabia $ 1.09 million, British $ 10.01 million, and the United States $ 29.23 million. .

The government had generated $ 1.04 billion through Eurobond in July 2021, so this amount also adds to the total inflows received in the first five months of the current fiscal year. Through international commercial banks, the government raised $ 1.529 billion in the first five months of the current fiscal year. The government secured $ 720 million from the Dubai Bank, $ 478.2 million from Standard Chartered Bank of London and $ 270 million from the Consortium of Sussie AG, UBL and ABL. The government obtained $ 1.998 billion in loans from multilateral creditors in the first five months of the current fiscal year, including $ 620 million from ADB, $ 37.77 million from AIIB, $ 115 million from WB IBRD, $ 739.15 from WB loans to IDA, $ 468.3 from short-term loans from IDB, and many others.

Pakistan’s total foreign exchange reserves amounted to $ 25.027 billion; foreign reserves held by the SBP amounted to over $ 18 billion and commercial banks to $ 6.45 billion. In the week ending December 10, 2021, foreign exchange reserves declined by $ 90 million to $ 18.56 billion.

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The era of commercial banks is turning in – CBN Mon, 13 Dec 2021 13:47:32 +0000

The Central Bank of Nigeria (CBN) on Monday reassured Nigerians and businesses that the era of commercial banks retreating into the country is over.

Speaking during a one-day interactive briefing program with stakeholders from trade unions and civil society in Ilorin on the five-year policy direction of the CBN, the Director of the Corporate Communication Department Supreme body Mr. Osita Nwanisobi said the feat was achieved through the zero stability, strength and resilience that the apex bank has brought to the country’s financial system.

The CBN official, who said the country’s gross domestic product (GDP) fell from minus 6.10% in the third quarter of 2020 to 4.03% in the third quarter of 2021, attributed the success to CBN interventions. in the health sector and N1 trillion interventions in the manufacturing sector.

“In the aftermath of the global health crisis (COVID-19), Nigeria, like all other economies, entered a recession. The CBN has mitigated the adverse effects of the pandemic by intervening in the economy of households, small and medium enterprises (SMEs) and businesses by reducing the interest rate from nine percent to five percent, extending the moratorium an initial period of one year and later one year: tolerance agreement to banks to restructure under the conditions of the facilities they had granted to companies and SMEs.

“Others are interventions on health, housing finance and solar energy. Currently, CBN is involved in the entrepreneurship scheme of higher education institutions (TIES). All of these are aimed at mitigating the impact of COVID-19 and slowing its impact on the global economy.

“As a result, we have recorded a significant recovery in the economy. In the second quarter of 2020, due to COVID-19, the Nigerian economy fell on a negative trajectory. Our GDP growth was minus 6.10 percent. In the third quarter of the same year, GDP was minus 3.62 percent, but in the fourth quarter, the economy registered marginal growth of 0.10 percent.

“In the first quarter of 2021, the GDP increased to 0.51%, in the second quarter it increased to 5.10% and in the third quarter of the same 2021, the GDP increased by 4.03%.

“When we relate this to the five-year policy of the Governor of the CBN, Mr. Godwin Emefiele, we will gradually begin to see the growth trajectory of the economy.

“Before that, the inflation rate started to drop from 16.3% to 15.99%. Food inflation was also 9 percent, with a downward trend. It’s not where we want it to be, but it’s also progress given what has happened. “

Speaking on Nigeria’s financial stability, he put “the capital adequacy ratio at 15.2 percent and the liquidity ratio at 41.2 percent. “Both at prudential limits. “

The CBN spokesperson said the country’s non-performing loans had fallen from 5.7 percent to 5.3 percent, adding that “I’m giving you these numbers to show that the country’s financial system is strong, stable and weak. resilience, ”he said.

The umbrella bank said the need to partner with stakeholders on measures to develop the country’s economy has become timely, adding that it will take collective responsibility for each stakeholder, apart from the functions of the CBN, to improve the country’s economy.

“If we all put our heads, our hands together, we will develop our economy in a sustainable way.

The CBN official, who also advised Nigerians to be more careful with their financial documents or passwords, said hackers found it easy to tamper with accounts whose owners had carelessly handled their related information.

“The individual is the greatest security that one should have. If you leave your password or some documents or information private and let people know, then it is very easy for hackers to tamper with your bank account. However, we have put in place an infrastructure to guard against any form of hacking and this infrastructure will be continually upgraded, ”he said.


FALSE! Yoruba is not an official language in Brazil

Claim: A national newspaper and several online platforms claim that Brazil has adopted Yoruba as an official language and that the language will be included in the curricula of primary and secondary schools.

Verdict: The claim is false. The content of the article published by these online platforms is not new; it has been put back into circulation several times and has been debunked.

The era of commercial banks is turning in – CBN

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Central Bank of Nigeria expresses discontent Commercial banks ignore eNaira one month after launch Nigeria news Thu, 02 Dec 2021 06:55:00 +0000
  • On Monday, October 25, 2021, President Muhammadu Buhari officially unveiled the Central Bank of Nigeria. Digital Currency (CBDC), known as eNaira
  • Nigerian commercial banks were supposed to use codes to register their customers but CBN is not happy, little effort has been made
  • CBN recently claimed 600,000 downloads in 160 countries, with transactions worth over 50 million Naira

The Central Bank of Nigeria on Wednesday frowned on commercial banks across the country for failing to promote the e-Naira launched with fanfare in October 2021.

According to CBN, Nigeria’s commercial banks do little to educate Nigerians about the many benefits of the eNaira platform.

The chief of the finance department of the CBN, Aminu Muhammad, deputy director, made this known during a speech in Kaduna, stressing that the financial institutions under the CBN are expected to play a vital role in the growth of the economy.

Read also

Flashback: How Buhari Rejected Subsidy Removal Under Former President Jonathan In 2011

Central Bank of Nigeria expresses annoyance that commercial banks are ignoring eNaira a month after its launch
Nigerian banks logo Source: profile
Source: Getty Images

Muhammad revealed this when speaking to members of the youth corps, hundreds of students at state higher education institutions and other members of the public on the eNaira initiative, Nation reports.

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He said”

“Commercial banks are lagging behind and that is why the CBN is stepping in. For example, information asymmetry like what we saw when they talked about the e-Naira in Kano. The people of Kaduna had this awareness, unlike Kano, which is due to the asymmetry of information.

“All the banks knew about the e-Naira, but members of the public don’t. Some people could probably hear it for the first time. There is an information imbalance when it comes to the e-Naira, and that’s why the CBN has come out to raise awareness, to give people a chance to come in and block this information asymmetry.

Read also

Tanzania to copy Nigeria’s central bank model to eNaira as it plans its own digital currency

What is eNaira?

during this time previously reported that in July, the Central Bank of Nigeria (CBN) released the guidelines on eNaira.

The eNaira will be an interest-free currency and will not serve as a hedge to escape the inflation that many have used Bitcoin and Ethereum for.

The Central Bank of Nigeria also noted that Nigerians will not be charged by the financial institution for using eNaira through outlets or banks.

Source: Legitimate Journal

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Commercial bank loans to private sector up $ 6.42 billion in October Sun, 28 Nov 2021 15:59:13 +0000

MADRID: The coronavirus pandemic will cost the global tourism sector $ 2 trillion in lost revenue in 2021, the UN tourism body said on Monday, calling the sector’s recovery “fragile” and “slow “.
Predictions from the Madrid-based World Tourism Organization come as Europe grapples with an increase in infections and a new, highly mutated Covid-19 variant dubbed Omicron spreads across the world .
International tourist arrivals this year will remain 70 to 75% lower than the 1.5 billion arrivals recorded in 2019 before the pandemic, a drop similar to that of 2020, according to the organization.
The global tourism sector has already lost $ 2.0 trillion (€ 1.78 trillion) in revenue last year due to the pandemic, according to the UNWTO, making it one of the most hardest hit by the health crisis.
Although the United Nations agency responsible for promoting tourism does not have an estimate of how the sector will perform next year, its medium-term outlook is not encouraging.
“Despite recent improvements, uneven vaccination rates around the world and new strains of Covid-19” such as the Delta variant and Omicron “could impact the already slow and fragile recovery,” he said in a press release.
The introduction of new restrictions and virus lockdowns in several countries in recent weeks shows how “it is a very unpredictable situation,” UNWTO chief Zurab Pololikashvili told AFP.
“This is a historic crisis in the tourism industry, but once again, tourism has the power to recover quite quickly,” he added before the start of the UNWTO’s annual general meeting. in Madrid on Tuesday.
“I really hope 2022 will be a lot better than 2021.”

While international tourism has been affected by the disease outbreak in the past, the coronavirus is unprecedented in its geographic spread.
In addition to travel restrictions linked to the virus, the industry is also grappling with economic pressure from the pandemic, soaring oil prices and disruption of supply chains, UNWTO said.
Pololikashvili urged nations to harmonize their virus protocols and restrictions because tourists “are confused and they don’t know how to travel.”
International tourist arrivals “rebounded” during the summer season in the northern hemisphere thanks to increased confidence in travel, rapid vaccination and the easing of entry restrictions in many countries, UNWTO said.
“Despite the improvement in the third quarter, the pace of the recovery remains uneven across regions of the world due to varying degrees of mobility restrictions, vaccination rates and traveler confidence,” he added.
Arrivals to some islands in the Caribbean and South Asia, as well as some destinations in southern Europe, have approached or even exceeded pre-pandemic levels in the third quarter.
However, other countries saw little sight of tourists, especially in Asia and the Pacific, where arrivals were down 95% from 2019 as many destinations remained closed to non-essential travel.

A total of 46 destinations – 21% of all destinations in the world – currently have their borders completely closed to tourists, according to UNWTO.
Another 55 have their borders partially closed to foreign visitors, while only four countries have lifted all restrictions related to the virus – Colombia, Costa Rica, the Dominican Republic and Mexico.
The future of the travel industry will be the focus of attention at the WTO’s annual general meeting, which runs through Friday.
The event – which brings together representatives of 159 member states of the United Nations body – was originally scheduled to be held in Marrakech.
But Morocco decided at the end of October not to host the event due to the increase in Covid-19 cases in many countries.
Before the pandemic, the tourism sector accounted for around 10% of gross domestic product and jobs worldwide.

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Experts discuss challenges and opportunities for commercial banks Wed, 17 Nov 2021 08:00:00 +0000

Latha Venkatesh of CNBC-TV18 moderated a panel of renowned experts to discuss the challenges and opportunities for commercial banks on the second day of the 8th Annual SBI Banking and Economic Conclave.

Vaidyanathan said, “A lot of players who haven’t done a bank in the last 100 years suddenly have access to transaction data and they associate it with lending capacity. So let’s say I’m a fantastic Linda, but I haven’t had a great deal database for 100 years. Then we combine our lending capability with 100-year transaction data and make it open. So, I think India is moving quickly to open banking and it is the best form of open banking that exists in India. It is a big thing for India.

On credit growth, Bandyopadhyay said, “Reserve Bank of India needs to look at credit growth from a different perspective because bankers are not the only lenders right now. There are multiple sources of credit for you and me, I think the data is not captivating. So it’s a part. I think we shouldn’t be content with vanilla credit growth and that it should be three times the GDP. This is the kind of approach that I think we need to change. Do not look at credit growth in isolation, because there is credit growth, there are multiple sources of credit, there are loans at different levels that the RBI WSS weekly statistics do not capture, but go beyond it by mandate, I am fair if you will allow me to say that I see more challenges than opportunities.

On the challenges. Bandyopadhyay sees two great headwinds – one is the market – the greatest disintermediation in the market and technology.

Regarding export opportunities, Sahai said, “The last fiscal year ended with exports of goods of 291 billion and services of 205 billion. This year, we are on track to reach $ 400 billion in the merchandise sector and about $ 250 billion in services exports. But our imports on the goods front will also likely reach around $ 550 billion, and service remittances will exceed $ 150 billion, much like the world’s freight boom. So we’re looking at international trade in a range of $ 1.3 trillion, which will be about 45 percent of GDP.

First publication: STI

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IMF warns enaira could reduce demand for commercial bank deposits Wed, 17 Nov 2021 06:40:25 +0000

The International Monetary Fund (IMF) has warned that the eNaira portfolio could reduce “the demand for deposits in commercial banks”.

This was disclosed in an IMF report titled: “Country Focus; Five observations on the digital currency of the central bank of Nigeria. ‘

The IMF has advised the Central Bank of Nigeria (CBN) to address the many risks associated with digital currency, especially the vulnerabilities it poses to monetary policy execution and cybersecurity.

Read: CBN will not bear losses caused by eNaira site

What the report says

The world body said, “Like digital currencies elsewhere, eNaira carries risks for the implementation of monetary policy, cybersecurity, operational resilience, and financial integrity and stability.

“For example, eNaira wallets can be perceived, or even function effectively, as a deposit at the central bank, which can reduce the demand for deposits in commercial banks.

“By leveraging digital technology, there is a need to manage cybersecurity and operational risks associated with eNaira. “

Read: Buhari says eNaira will increase Nigeria’s GDP by $ 29 billion in 10 years

To mitigate potential risks, the IMF said action has been taken. The report said:

“The authorities have taken steps to manage the risks. The transfer of funds from bank deposits to eNaira wallets is subject to daily transactions and balance limits in order to mitigate the risks of diminishing role of banks and other financial institutions.

“Financial integrity risks, such as those resulting from the potential use of eNaira for money laundering, are mitigated by using a multi-layered identity verification system and by applying more stringent controls to relatively less verified users. “

Read: Amid crypto crackdown, CBN’s eNaira attracts 78,000 traders from over 160 countries

Due to the size and complexity of the Nigerian economy, the launch of digital currency has attracted interest from the international community and other central banks, according to the IMF.

The eNaira, according to the organization, is based on the same blockchain technology as Bitcoin and Ethereum, but it is not a financial asset. The IMF also noted that the e-Naira will improve financial inclusion, make it easier to send remittances and reduce informality.

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SBP increases liquidity reserve requirements for commercial banks Mon, 15 Nov 2021 10:47:53 +0000

The State Bank of Pakistan has decided to increase the average cash reserve requirement from 1% to 6% for commercial banks in an effort to control rising inflation.

The central bank raised the cash reserve ratio of banks for the first time in 13 years in an effort to reduce excess liquidity in the banking system, which analysts say is contributing to the rise in prices.

The cash reserve requirement is the amount of money that banks are required to keep with the State Bank of Pakistan and applies to demand liabilities and term liabilities with a term of less than a year.

Term liabilities with a term of more than one year will continue to be exempt from maintenance of cash reserves.

The move will encourage banks to raise more long-term deposits, which will facilitate asset-liability matching and allow banks to extend long-term loans to finance construction and housing.

Inflation climbs to 9.2% in October

Inflation based on the Consumer Price Index hit a four-month high of 9.2% year-on-year in October 2021, down from 9.0% the month before, Pakistan’s Bureau of Statistics revealed on Monday. .

Analysts say Pakistanis have paid more for energy and food, possibly causing inflation to remain uncomfortably high in the current fiscal year amid a low rupee and high prices of raw materials on a global scale.

As the economy quickly recovers from the acute shock of Covid last year, there is a need to gradually normalize policy parameters, including the growth of monetary aggregates, ”the SBP said.

The central bank said these measures would moderate money supply growth as well as domestic demand, thereby helping to support the current economic recovery, meet the government’s medium-term inflation target and reduce pressures on the economy. rupee.

“It would encourage banks to offer better returns on deposits to attract these funds; thus serving SBP’s objective of encouraging savings, ”the statement added.

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The outstanding loans of programmed commercial banks are increasing steadily, according to the Ministry of Finance Mon, 15 Nov 2021 08:00:00 +0000

The finance ministry noted in a final update that the expected commercial bank credit outstanding has steadily increased in fiscal year 2021-22.

Retail credit in particular has increased significantly, suggesting strengthening consumption in the economy. According to CIBIL, survey volumes increased by 54% between February and October 2021, as economic activity accelerated.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First published: Mon Nov 15, 2021. 3:22 PM IST

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MTN and Airtel as Payment Services Banks: Should Commercial Banks be Worried? Tue, 09 Nov 2021 04:59:42 +0000

The major Nigerian telecommunications companies, MTN Nigeria and Airtel Africa, have received “Approval in Principle” (AIP) from the Central Bank of Nigeria to operate as payment services banks.

Payment service banks are banks that accept deposits from individuals and small businesses, provide payment and transfer services in Nigeria, issue debit and prepaid cards, manage electronic wallets, and engage in business transactions. other operations approved by the CBN. To legally engage in these operations, a PSB license from CBN is required, which these telecom operators have now obtained.

This news has been received with mixed feelings from fintech stakeholders and the general public alike as they assume there will be closer competition between telecom operators and traditional banks.

What you should know

The main objective of payment service banks is to increase financial inclusion by providing small businesses, low-income households and other financially excluded entities with access to deposit products and payment / debit services. transfer via low value and high volume transactions in secure technology. piloted environment.

The Approval in Principle (AIP) process is only the first step in becoming a PSB. Promoters of a proposed bank must apply to the CBN for a definitive license no later than six (6) months after receiving the AIP

Analysts on the Nairametrics onTheMoney series hosted on Clubhouse on Saturday, November 6, 2021, examined the incursion of telecom companies into the banking industry and agreed that the licenses will help the CBN achieve its goal of financial inclusion.

Edward Okonkwo, co-founder of Nairametrics, said that “The banks have nothing to fear because the way the PSB is structured is similar to the situation of midwives since the PSBs would be subordinate to the commercial banks.”

He also said banks shouldn’t worry about revenue sharing as the funds would still be with the bank.

“Banks should start thinking about how to create more loans and use the infrastructure at lower cost to distribute the loans. With new initiatives underway such as credit bureau, fintech AI or credit profiling services, it means there are a lot of opportunities appearing in space and enough income for everyone to share.

“Yes, the bank can lose part of its traditional bank income like the N26 to move money, but let the bank give more loans and make money from the loans because the PSB will not compete with the banks in this space. I see it as a win-win ”, he explained.

Additionally, he said the arrangement was a victory for commercial banks as they can spend less time making forays into remote areas, leaving MTN and Airtel to cover these while they focus on the granting of loans. According to him, this is a victory for consumers as most customers only use the money for transactional purposes, which would reduce the cost of the transaction. It is also a victory for the sector because the CBN could achieve its financial inclusion objectives by reducing acquisition costs without putting a lot of pressure on the banks.

Collaboration with the commercial bank

At the Clubhouse event, a senior analyst who preferred not to be quoted also said: “What this means for the industry is increased competition and increased competition means that service delivery and costs to end users are expected to improve.

“I don’t think banks need to worry because ultimately, depending on how things go, there will always be an advantage for them to integrate.

“MTN and Airtel can act as aggregators for banking services. The license that MTN and airtel have is a PSB license and under the license they cannot grant loans directly ”, she said.

She also explained that in places like Kenya, Safaricom’s lending service works with two of their banks. As a result, both banks have been able to increase their loan portfolios, especially for individuals, thanks to the Safaricom loan facility.

“We can see the same thing happening in Nigeria, where telecommunications companies are partnering with commercial banks. It may not translate to bad news from the banks, but it is still too early to tell.

“The PSB license does not allow telecom operators to grant loans from deposits, but they can collaborate and act as a channel. It also depends on what the CBN allows in terms of collaboration ”, he added.

Speaking on the fate of fintechs in light of recent development with telecom operators, she said fintechs could face intense competition, leading to lower transaction costs for customers. Due to the increased competition, it also encouraged banks to focus on lending and be more creative in generating income.

What can payment service banks do

According to the CBN, Payment Services Banks can perform the following actions:

  • Accept deposits from individuals and small businesses, which will be covered by the deposit insurance plan.
  • Perform payment and remittance services (including inbound cross-border personal remittances) through various channels in Nigeria.
  • Sale of foreign currency made from inbound cross-border personal remittances to licensed money changers.
  • Issue debit and prepaid cards on its behalf.
  • Operate electronic wallets.
  • Provide financial advisory services.
  • Invest in FGN and CBN securities.
  • Perform such other activities as may be prescribed by the CBN from time to time.

What payment service banks can’t do

Payment service banks (PSBs) do not perform the following activities:

  • PSOs would not be able to grant any form of loans, advances and guarantees (directly or indirectly).
  • PSOs would not accept foreign currency deposits.
  • They are not allowed to exchange foreign currencies except for remittances.
  • Insurance underwriting would not be possible for PSOs.
  • PSB would not accept any electronic closed system value (eg airtime) as a deposit or form payment.

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PM Marape supports idea of ​​national commercial banks in PNG Mon, 08 Nov 2021 00:09:00 +0000

Prime Minister James Marape said there was room for more commercial banks in Papua New Guinea. He said this in Port Moresby last Thursday (November 4, 2021) during the launch of PNG Bank’s SME crowdfunding movement online project of PNG Think Tank Group Inc.

PM Marape launches the online project of the PNG SME Bank crowdfunding movement of PNG Think Tank Group Inc.

The project, which uses PM Marape’s “Take Back PNG” slogan, aims to rally all small and medium enterprises and “unbankable” people in PNG to form and own their own bank through crowdfunding.

“This idea (of a nationally owned commercial bank) is not bad,” the Prime Minister told a packed house at the Dynasty restaurant.

“There is room for one more bank or two more banks in our country. “

Prime Minister Marape cited the case of the small Pacific island nation of Tuvalu, with a population of 30,000, which had its own bank.

PM Marape speaking at the launch.

“Karkar Island (Madang) has 80,000 inhabitants, Kiriwina Island (Milne Bay) 60,000 inhabitants, Manus is a province of about 50,000 inhabitants,” he said.

“Many of our provinces are larger than the Pacific Island countries – which have their own banks, telecommunications companies and businesses in their small economic enclaves. “

PM Marape with PNG Think Tank Group Inc officials at launch.

Prime Minister Marape said PNG’s population and turnover growth warranted more commercial banks.

“I think the concept of crowdfunding a Papua New Guinea-owned bank is not out of place,” he said.

“This is a step in the right direction, so don’t back down, keep moving. “

Prime Minister Marape said the commercial banking sector in PNG was not the “exclusive domain” of a few elected officials.

“My government is trying to keep money in the country,” he said.

“This includes corporate banks that have permanent residence, address and shareholders in the country.

“That is why we fully support this lawsuit.”

Prime Minister Marape said Papua New Guinea should simply step out of the status quo and take the lead in creating new concepts.

“For this lawsuit, you are doing the right thing,” he said.

“There is a need for a new bank, you are already out, let’s walk down this path and hopefully – in due course – you will be granted a banking license and you are working as a bank which is truly Papua New Guinea. and for Papua New Guinea Guinean companies.

“We can form a really responsive bank to accommodate the 60-70% of Papua New Guinea there.

“The government fully supports this program.


Next: PNG-Australia Partnership Reopens 20-Year-Old Sogeri Health Center

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