The Teachers Savings and Loans Society (TISA) Limited is in the process of establishing its own bank to service the communities in Papua New Guinea (PNG), something which certainly has the support of government. Minister for International Trade and Investment, Richard Maru, said the establishment of a new bank in the country’s banking sector will go a long way in serving the people, especially in the rural areas, given the location of TISA branches already in many parts of the country. The Chief Executive Officer (CEO) of TISA, Mr. Michael Koisen said they have applied for a banking license and the Bank of Papua New Guinea (BPNG) has given a conditional approval. They are hoping that a full license will be granted to TISA in the near future to do business in banking and serving the communities in PNG. Minister Maru is supportive of TISA establishing its own bank to service the people, all because of the benefits this will have on the banking sector and the economy. “Why is it exciting for us in government, because this will now mean one more bank, more competition, lower interest rates, lower banking fees, decrease in the number of unbanked, and making banking and financial services accessible,” said Minister Maru. “But importantly, the Teachers Savings and Loans Society is owned by 70, 000 Papua New Guineans. This is an indigenous business, that’s what makes it extremely exciting. Clearly, when you migrate to a full bank, this bank will be owned by indigenous people of Papua New Guinea, this is what’s going to make this bank become unique.” Minister Maru was also thankful for BPNG for granting the conditional approval and says they look forward to the granting of the new banking license.