Two new commercial banks for Papua New Guinea

 Bank of Papua New Guinea which regulates the banking sector in the country has issued two new banking licences. 

The licences were issues to Tisa Bank, formerly Tisa Community Finance and Credit Bank, formerly Credit Corporation.

This now means the country has seven commercial banks.

I  order of their size Bank South Pacific, Kina Bank, ANZ for commercials, Westpac, MiBank, Mama Bank, People's Micro Bank, Tisa Bank and Credit Bank.

Tisa Bank is part of the Tisa Group which started from the membership of teachers savings and loans society and it has served thousands of teachers from as far a rural areas since 1980.

The group has expanded to now having its commercial bank.

When issuing the banking licence Bank of PNG Governor Elizabeth Genia said they did two years of rigorous audit of the two orga organisations performance after granting them the licence.

They were considered on their financial capital, customer engagement, overall financial management and community standing.