Credit Corporation (PNG) Limited has achieved a long-held dream of its founding directors by evolving into a fully-fledged bank, a milestone celebrated by Chairman Dr. Albert Mellam during the official licensing event by the Bank of Papua New Guinea (BPNG).
The transition to CreditBank PNG marks a pivotal moment in the company’s history, reflecting its vision to become one of the leading financial service groups in the South Pacific.
Dr. Mellam remarked: "Today, that dream is realized. Becoming Papua New Guinea's newest homegrown bank reflects our clear vision to be recognized as one of the leading financial service groups in the South Pacific.”
At the milestone event in Port Moresby in early August, Dr. Mellam expressed deep gratitude to BPNG for its support throughout the licensing process. "On behalf of the Board, management, staff of Credit Corp, and its shareholders, I want to say thank you," he stated.
CreditBank PNG is set to offer a comprehensive range of banking services, including transaction accounts, savings, and deposit products, facilitated through new internet banking and mobile platforms.
The bank aims to cater to customers in the small to medium enterprise (SME), commercial, and emerging middle market segments.
"Customers in these segments want to partner with a financial service provider who delivers exceptional service and innovative products," Dr. Mellam noted.
With over 45 years of experience in PNG’s financial sector, Credit Corporation is well positioned to meet the evolving needs of its customers.
The transition to banking will allow CreditBank PNG to expand beyond its established equipment finance offerings, introducing new services that support the growth of businesses across the country.
The journey to becoming a commercial bank involved a comprehensive project, including the implementation of a new core banking system, a web-based banking application, and significant enhancements to internal processes.
The project also focused on upskilling staff to ensure they are equipped to manage banking operations. "Our new core banking system was launched in a controlled production environment in just seven months, on time and within budget," Dr. Mellam said.
The successful pilot phase, with positive feedback from staff, helped refine the services to be competitive and user-friendly.
Dr. Mellam thanked the project team, BPNG staff, and business partners who played crucial roles in testing the Kina automated transfer system for inter-bank payments. He also acknowledged the licensing, supervision, and payments teams at BPNG for their invaluable support.
As CreditBank PNG embarks on this new chapter, Dr. Mellam reaffirmed the company's commitment to providing robust and innovative banking services, contributing to the growth of PNG's financial sector.
"We are very proud to receive this license as Papua New Guinea's newest bank and excited about the opportunities it will create for us and our customers,” he added.
