MoniPlus is not a payday loan shark, says firm’s boss

By JUNIOR UKAHA
MONIPLUS is not a “payday loan shark” but a genuine, fully-fledged financial institution that provides reasonable lending services to clients, says general manager Reg Monagi.
He said this yesterday during the opening of the company’s new office in Kokopo.
The office is located at Tammur Centre along Williams Road.
Monagi said the company had been in operation for the last 20 years and had been recognised by the Central Bank as one of the “astute, growing financial companies in the country”.
“MoniPlus is a fully-fledged, licensed financial institution that is regulated by the Bank of PNG,” he said.
“We follow strict credential standards set by the bank.
“The bank conducts entry and exit reviews periodically to ensure our compliance is maintained.
“Unfortunately, I have to say that there are other unlicensed, unregulated lending institutions going around dishing out loans and tarnishing the reputation of the industry.
“In doing so, they attract the tag ‘payday loan sharks’.
“I assure you, MoniPlus is not one of them.
“Our direct payroll deductions for personal loans with Government departments, including teachers, is strictly in compliance with Government’s General Order 20.
“General Order 20 stipulates that the take home net pay must be 50 per cent of the total net pay of an employee.
“That means loans taken out by public servants from any financial institution must not be excessive so that their net take home pay is less than 50 per cent of that total net pay. There is a safety net.
“There is a misconception that institutions like ours take all their (public servants’) earnings through loans and leave them with very little to take home – that’s a myth.”