29/05/2026
REGISTRAR CALLS ON COMMERCIAL BANKS TO SUPPORT COOPERATIVE SOCIETIES IN PAPUA NEW GUINEA
MEDIA RELEASE
Port Moresby, 28th May 2026 - The Registrar of Cooperative Societies Papua New Guinea, Mr Wale Budda Molumi, is calling on all Commercial Banks operating within Papua New Guinea to facilitate the opening and operation of bank accounts for registered Cooperative Societies throughout the country.
Mr Molumi said the Cooperative Societies PNG Office is a legally established government office mandated under the Cooperative Societies Act 1982 (Amended 1985), Chapter 389, to register and regulate Cooperative Societies in Papua New Guinea.
He said Cooperative Societies are formed by groups of people who come together to participate in lawful business activities, community development, agriculture, small-scale mining, fisheries, women empowerment, and other economic ventures aimed at improving livelihoods and promoting inclusive economic growth.
The Registrar clarified that Cooperative Society Certificates issued by the Cooperative Societies PNG Office are legal and valid documents recognized under the laws of Papua New Guinea.
“Just as the Investment Promotion Authority issues Certificates to businesses and companies, the Cooperative Societies PNG Office issues Certificates to legally registered Cooperative Societies under the Cooperative Societies Act,” Mr Molumi stated.
Mr Molumi emphasized that many Cooperative Societies are established in rural and remote communities where access to formal identification documents and government services remains limited.
He said many cooperative members and entrepreneurs may not possess formal identification documents such as National Identification (NID) cards, Driver’s Licenses, or School Certificates due to geographical, social, and economic challenges faced by rural populations.
“In light of this reality, I respectfully call on all Commercial Banks to exercise flexibility and provide special consideration when dealing with registered Cooperative Societies and their members,” Mr Molumi said.
“The Cooperative movement is aimed at empowering ordinary Papua New Guineans, especially rural citizens, to participate meaningfully in the formal economy. Banks play a critical role in supporting this national development agenda.”
The Registrar further urged financial institutions to work collaboratively with the Office of Cooperative Societies PNG to verify and confirm the legitimacy of Cooperative Societies where necessary, rather than rejecting account applications solely based on rigid documentation requirements.
Mr Molumi said greater support and accessibility from the banking sector would strengthen financial inclusion, encourage grassroots entrepreneurship, and contribute significantly towards sustainable economic participation and community development across Papua New Guinea.
The Office of the Registrar of Cooperative Societies remains committed to working closely with all stakeholders, including Commercial Banks, government agencies, and development partners, to ensure Cooperative Societies continue to thrive and contribute positively to the nation’s economy.
Approved For Release,
Wale Budda Molumi (Mr) - Registrar of Cooperative Societies,
Department of Commerce and Industry
