There is a common misconception that the PNG Power Staff Savings & Loans Society (PPSSLS) is a subsidiary of PNG Power Ltd (PPL). While this is understandable given the name and historical origin, we would like to take this opportunity to clarify that PPSSLS is a completely independent licensed financial institution.

Access to the Society is no longer limited to PNG Power staff; it now welcomes members from both the public and private sectors. PPSSLS is a separate entity helping all Papua New Guineans achieve financial stability and growth.

Brief History

PPSSLS was established in 1988 by Electricity Commission (ELCOM) employees. At the time, it served as a staff savings and loan society designed exclusively for ELCOM employees, offering them affordable financial services and benefits. When ELCOM transitioned into PNG Power Ltd in 2010, the Society also adopted the name PNG Power Staff Savings & Loans Society, which led to the misconception that it is a subsidiary of PPL.

However, despite the name, PPSSLS has always remained an independent entity. Over the years, PPSSLS has grown into a robust financial institution, expanding its services beyond PPL staff. Today, PPSSLS is open to all – whether they are public servants, private sector employees, or small business owners. This transition reflects the Society’s mission to be inclusive and financially empower the wider community.

Regulated by BPNG

PPSSLS operates with its separate board of directors, is licensed by the Bank of Papua New Guinea (BPNG) under the Savings and Loan Societies Act 2015, and is registered with the Investment Promotion Authority (IPA). This distinguishes PPSSLS as a licensed Authorized Depository Institution (ADI) in Papua New Guinea. Compliance with a strict regulatory framework set by BPNG ensures that PPSSLS operates both independently and efficiently, ensuring the safety and sound management of member funds. Members can rest assured that their funds are secure and managed prudently in line with regulatory standards.

Growth Strategy

PPSSLS has embraced a forward-looking growth strategy aimed at expanding its reach and delivering value to a broader community by opening its doors to all Papua New Guineans. The Society is no longer limited to PNG Power staff but is now accessible to public servants and private sector employees. As part of its ongoing development, PPSSLS continues to enhance its product offerings, including high-interest savings accounts and flexible loan products, ensuring that its services meet the diverse needs of its growing membership. Several new and progressive changes are coming and designed to position PPSSLS as a leading financial partner for all Papua New Guineans, delivering sustainable growth and financial stability into the future.

Rebranding Coming Soon!

As part of its ongoing efforts to serve every sector, PPSSLS is preparing to rebrand. This rebranding will reflect the Society’s transformation from a financial service provider for PNG Power staff, to an inclusive financial institution for everyone. The new brand will emphasize the Society’s independence and its commitment to providing premier financial products and services in the country.

While the name may change, the trusted services and benefits that PPSSLS offers will continue to improve for its members. Don’t let the upcoming rebrand discourage you from joining—this change is designed to clarify our position as a fully independent institution and encourage more people to benefit from the high-interest savings and affordable loan products we offer.

Refinancing for a Better Take-Home Pay

One of the standout products offered by PPSSLS is its Bungim Olgeta Dinau (Refinancing) Loan product. This possibility allows both new and existing members to consolidate their loans, reducing the burden of multiple deductions and ensuring their take-home pay remains sufficient for family needs.

Refinancing through PPSSLS allows members to restructure their loans into a more manageable payment plan, allowing for greater financial stability and peace of mind. More than 100 new and old members have already received help from this loan product, and the society continues to support its members with tailored solutions that make financial management easier.

Become a Part of PPSSLS Today

Don’t let misconceptions hold you back from joining a trusted and independent Savings & Loan Society. With some of the highest interest rates in the country and loan products designed to ease financial stress, PPSSLS is ready to support you.

It’s time to join a financial institution built for everyone in PNG.