Bank tells people to invest wisely

THE Bank of Papua New Guinea has warned rural people not to put their money into illegal financial credit schemes.
Jacob Gop, who works with the bank’s microfinance expansion project, told the people of Jiwaka that financial institutions not certified by the bank were operating illegally and should be avoided.
Gop said the chances of them losing their money were high.
“Whoever looks after their funds escape with money,” he said.
“There is no way where they will get their money back.”
He was at Avi Primary School during the launching of South Waghi Pilgrims Mamas Association.
Gop said some village people operated on a “trust” basis by making deposits into small financial credit schemes not recognised by the bank.
“If your money is misused or stolen, the Bank of PNG will not do anything to recover your money or hold the person in charge responsible,” he said.
Gop said when they lost their money deposited with commercial banks or other financial institutions such as the PNG Microfinance Limited certified by the central bank, the bank would bring those responsible to face justice and to recover their money.