Post PNG gets licence as Western Union agent

POST PNG is now a direct agent of international financial services company Western Union, says an official.
Post PNG chairman Robert Bradshaw said the Western Union service would boost Post PNG’s business going forward.
“We have been providing this service before but as a sub-agent for BSP (Bank South Pacific Financial Group Ltd), however, with the licence now we are a direct agent,” he said.
“That means more flexibility and compliance when it comes to anti-money laundering (AML) and counter terrorist financing (CTF).
“It complements the domestic services we have which is Salim Moni Quick (SML).
“But for Western Union, it now gives us the reach outside of PNG so that complements the services we provide.
“For those who wish to remit funds overseas, we are now back in business.
“The IRC (Internal Revenue Commission) has also given us the approval to remit up to a maximum of K100 million up till September next year.
“We have bigger capacity now, so make use of our services, not only in terms of our services overseas, but also SMK and any other services.”
Post PNG chief executive Justin Worinu said the postal service was a struggling state-owned enterprise, given the nature of the business itself.
“The postal business is on the decline, not just in the country, but the traditional postal businesses around the world. At Post PNG, we’ve tried to look outside the box and consider some initiatives to drive business,” he said.
“So the Western Union business is a financial product where we have been doing before as an agent to BSP from 2018 to 2021 and the relationship ended earlier this year when Post PNG’s bid to be a direct Western Union agent was finally approved by the Bank of Papua New Guinea as regulator.”
Worinu said the service had started last week with 10 sites in Port Moresby.
He said it would then be rolled out in other centres.