THE COMPANY: City Pharmacy Limited (CPL) was established in 1986 and is one of the leading retail/wholesale companies in Papua New Guinea. CPL has a number of pharmacy outlets and retail branches located throughout PNG, and it also operates hardware supply stores and Bon Café outlets. The company...
THE COMPANY: In 2013 Credit Corporation (CCP) reported its group core cash operating profit increased to $34.63m compared to $32.74m in 2012. Net earnings after tax were down 45% to $24.03m. Negative adjustments of $703,245 from investments in traded equities and $2.79m from fair value assessment of...
Formally launched in December 2013, the Bank of Papua New Guinea’s (BPNG) National Financial Inclusion and Financial Literacy Strategy aims to expand the reach of formal financial services to 1m of the previously unbanked, half of which are women, by the end of 2015. While ambitious, the strategy builds on initial successes in rural banking,...
Long held back by inefficiencies linked to geography, manual operations and slow procedures, Papua New Guinea’s banking sector marked a watershed in 2013 with the initial implementation of a real-time gross settlement (RTGS) system. Running on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, the high-value...
While the new financial inclusion policy aims to expand access to and usage of financial services – Bank South Pacific (BSP) estimates some 98% of its over 1m accounts in Papua New Guinea are used for transaction purposes only – facilitating access to funding for small and medium-sized enterprises (SMEs) will be key to broadening economic...
Highly profitable by global standards, Papua New Guinea’s banking sector has traditionally focused on the government, larger firms and high-net-worth individuals. Despite significant challenges linked to poor infrastructure, inadequate credit information and a largely rural population, commercial lenders are developing innovative means of...
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