Moni Plus MD on standing out in Papua New Guinea’s competitive financial services market
Financial institution Heduru Moni Limited, trading as Moni Plus, has been on an impressive growth trajectory in recent years. In this exclusive interview with Business Advantage PNG, its Managing Director Aho Baliki expands on its long-term strategy and shares what it is doing to stand out in Papua New Guinea’s highly competitive finance sector.
Q
How has Moni Plus performed in the past year?
A
Moni Plus is performing strongly in the funding sector. Growth has been driven partly by ongoing financial pressure on public servants and workers, many of whom rely on borrowed funds. Most clients are repeat customers seeking loan top-ups, contributing to increased application volumes across personal and commercial lending. Our success is also underpinned by faster decision-making compared with banks and other finance providers, a capability for which we are consistently rated highly.
We are now in the fourth year of a five-year strategic plan and, following a recent review, are on track to meet most targets. While plans to open two additional branches were delayed due to limited office space and land availability, expanding branch accessibility remains a priority.
We are also investing in organisational efficiency, technology and processes, including the implementation of a new core banking system due to go live this year.
By adopting modern banking and digital platforms, we can deliver more efficient services and ensure Moni Plus remains competitive.
Q
What are the keys to success in PNG competitive financial services market?
A
Accessibility is central to our strategy. By being close to customers, we can offer an alternative to banks.
Service delivery is critical, which is why we opened a branch in Goroka [in 2024], where performance has been strong. We are planning to expand into two locations in Bougainville, subject to securing suitable office space, with at least two additional branches proposed.
Competition in the market is intense, so we focus on strong brand promotion and on offering products and services that meet customer needs.
Fast turnaround times remain a key differentiator, as customers expect decisions quickly. At the same time, we remain committed to responsible lending and strict compliance with banking and prudential guidelines, particularly in light of heightened risks around greylisting, anti-money laundering, counter-terrorism financing and proceeds-of-crime regulations.
Q
What is Moni Plus doing to manage the risks from greylisting?
A
As a finance company, we remain vigilant and proactive in managing risks. We conduct regular training on anti-money laundering and counter-terrorism financing, including sessions for the board, heads of departments and all staff. This is essential given the increasing risk of criminal activity exploiting weak governance in the country.
The broader operating environment poses risks, particularly as greylisting could affect our clients engaged in import and export.
Q
What opportunities do you see on the horizon?
A
Moni Plus actively seeks opportunities arising from the country’s growing extractive and natural resource industries. Rather than waiting for business to come to us, we engage directly with developers and associated companies to offer our financial products and services.
We place strong emphasis on educating businesses and individuals about who we are, what we offer, and the true costs involved. Unlike banks, we do not have access to low-cost deposits, so we are transparent about our pricing and the risks involved in any financing proposal.
Major resource projects typically award large contracts to multinational firms, but opportunities flow down to local small and medium-sized enterprises through subcontracting. This creates meaningful opportunities to support local business growth.
Our boutique banking approach focuses on selecting clients we can serve effectively and efficiently, particularly SMEs and individuals seeking to participate in business development, while larger banks service the corporate end of the market.
Q
Looking ahead, where do you see Moni Plus in three to five years’ time?
A
We will be a work in progress. While we are currently the leading finance company, we recognise the need to continue growing and maturing.
Achieving a banking licence is part of our long-term strategic vision. We have begun this journey through ongoing planning, consultations and engagement with external advisers. This goal is embedded in our five-year strategic plan, and we are actively working towards it.
In the meantime, our focus remains on delivering efficient, timely and reliable services to our clients. Customer satisfaction is critical, strong branding alone is not enough.
We must consistently deliver on our promises, provide a credible alternative to banks and other financial institutions, and compete through service quality. By meeting our goals and exceeding customer expectations, we build loyalty and strengthen our position in the market.
