Legislation for Supervision and Regulation of Moneylenders in Tonga
- Details
- Category: Press Release
- Created: 06 November 2020
One of the main objectives of the National Reserve Bank of Tonga is to promote financial stability as well as to maintain a sound and efficient financial system. In 2014, the National Reserve Bank of Tonga Act was amended to include the extension of the Reserve Bank’s mandate under Section 4A to regulate and supervise non-bank financial institutions as well as to manage and promote financial inclusion initiatives. To regulate and supervise these non-bank financial institutions, the Reserve Bank developed the Moneylenders Act 2018 to regulate and supervise the Moneylenders in Tonga. This Act was proclaimed by Cabinet to come into force on 30th September 2020, and a gazette notice has been publicly posted and published on the Reserve Bank’s website and Facebook page.
Moneylenders contribute to inclusive economic growth in Tonga by providing access to finance to those in the rural and remote areas where there is no banking service. The moneylenders assist households with short term cash flow needs to cover unexpected expenses and for urgent family obligations. Similar to the regulation and supervision of other credit service providers such as microfinance and credit unions, the Moneylender Act ensures that all money lenders conduct their business on a level playing field and according to the same standards and conditions. The Act ensures only licensed moneylenders operate in the financial system. More importantly, this Act protects the interests of the moneylenders’ customers, particularly customers that are commonly less financially literate and unable to access loans from the commercial banks. This Act also assists with monitoring the high interest rates charged, it ensures the valuation of the security is accurate, and that any excess in the proceeds from the sale of collateral is returned to the borrower.
Who is a Moneylender?
Any business carrying on the business of moneylending. Moneylending means the lending of money at interest, with or without security, by a moneylender to a borrower.
Who is not a Moneylender?
- Any business that lends money to its members only e.g. work organization that lends money to its staff as a benefit; savings group/clubs that lend to its members;
- A Financial Institution (Banks) licensed under the Financial Institutions Act;
- Microfinance Institutions licensed under the Microfinance Institutions Act;
- Retirement Funds;
- Credit Unions;
- Cooperative Societies;
- Credit Institutions; and
- other entities as established by the Reserve Bank through regulation
All moneylenders or persons conducting a moneylending business are required to be licensed by the Reserve Bank under the Moneylender Act 2018. All persons conducting moneylending business or wish to conduct a moneylending business are kindly requested to contact the National Reserve Bank of Tonga as soon as possible for further details on licensing procedures and requirements. Please note the Moneylenders license issued by the Reserve Bank is a separate license from the business license issued by the Ministry of Trade and Economic Development. The table below is a list of businesses that are conducting a moneylending business. The Reserve Bank is therefore requesting that those listed in the Table below please contact the Reserve Bank as soon as possible to apply for a moneylender license. For those of you who are on the list but no longer conducting the business of moneylending, please contact the Reserve Bank to remove your name from the list. The purpose of this notice is to enable the Reserve Bank to license and assist all moneylenders to ensure that all moneylenders comply with this new Act.
The Moneylenders Act states that all moneylenders without a valid license that enter into a transaction after the commencement of this Act shall be unenforceable. However, moneylenders who are not licensed shall not be contravening this Act by reason only of collecting money due under a moneylending transaction or a related transaction entered into before the commencement of this Act. . For this reason and to avoid any financial loss the Reserve Bank hereby requests that persons conducting a moneylending business or all moneylending businesses, please contact the Reserve Bank to apply for a license to comply with the Moneylenders Act.
Table 1: List of Moneylenders compiled through survey by the Reserve Bank
|
|
Moneylender |
Address |
|
A. |
TONGATAPU |
|
|
1 |
ACE Finance |
‘Alakifonua |
|
2 |
'Akapei 'a Fafine Tonga Finance |
Fasi-moe-afi |
|
3 |
'Alini Finance |
Matahau |
|
4 |
'Alo-ki-Ha'afata Finance |
Lapaha |
|
5 |
ALP Finance |
Ma'ufanga |
|
6 |
Andrea Jolie Finance |
Haveluloto |
|
7 |
Angelica Finance |
Haveluloto |
|
8 |
Annelies Instant Finance |
Nuku'alofa |
|
9 |
AS Finance |
Tatakamotonga |
|
10 |
Asumda Lia Finance |
Ma'ufanga |
|
11 |
Atilua Finance |
Haveluloto |
|
12 |
ATL Finance |
Halaleva |
|
13 |
Bilsal Finance |
Vaini |
|
14 |
Bula Finance |
Tatakamotonga |
|
15 |
Callista Finance |
Vaini |
|
16 |
Chrishi Finance |
Mataika |
|
17 |
DJ Loa & Tausisi's Loans and Finance |
Nakolo |
|
18 |
Eakemai Finance |
Kolofo'ou |
|
19 |
Eva Finance |
Nukunuku |
|
20 |
Fakahaofi Mo'ui Finance |
Fua'amotu |
|
21 |
Fakalelu 'a Kainga Finance |
Houma |
|
22 |
Fakatoumafi Finance |
Veitongo |
|
23 |
Falekihetoa Loan Finances |
Houmakelikao |
|
24 |
Family Finance |
Tokomololo |
|
25 |
Federal Pacific Finance Limited |
Kolofo'ou |
|
26 |
Felemi Loans and Finance |
Tatakamotonga |
|
28 |
Fe'ofa'aki Finance |
Pea |
|
27 |
FGW Financial Loan |
Vaini |
|
29 |
Fietokoni'aki Finance |
Tofoa |
|
30 |
Five Star Finances Company Limited |
Haveluloto |
|
31 |
Foliaki Finance |
Ma'ufanga |
|
32 |
FoNōnga he Lotu Finance |
Vaini |
|
33 |
Frank Finance |
Ma'ufanga |
|
34 |
Fruitful Finance |
Houma |
|
35 |
Gardenia Finance |
Ma'ufanga |
|
36 |
Glow Finance |
Kolofo'ou |
|
37 |
Good Hope Finance |
Mataika |
|
38 |
Halafungani Parn Shop and Finance |
Houmakelikao |
|
39 |
Halaifonua Finance |
Longoteme |
|
40 |
Hasieli Finance |
Fangaloto |
|
41 |
Hesasuhe Finance |
Kahoua |
|
42 |
Houmangalu Finance |
Talasiu |
|
43 |
Hubert 5 Finance |
Haveluloto |
|
44 |
Hume Finance |
Masilamea |
|
45 |
I. J. Tonata Finance |
Fatai |
|
46 |
Jarnica Cash and Finance |
Fatai |
|
47 |
Jaslin Finance |
Vaini |
|
48 |
JJS Savou |
Ma'ufanga |
|
49 |
Johnia Cash & Finance |
Mataika |
|
50 |
JR Finance Service |
Kolofo'ou |
|
51 |
JRVYNII Finance |
Tokomololo |
|
52 |
Junior Finance |
Houma |
|
53 |
K. Tu'ifua Malupo & A. Glenn Finance |
Bay ‘o Manu Mataongo (‘Anana) |
|
54 |
Kafa & Harry Finance |
Lapaha |
|
55 |
Kaha'u Melie Financial Financial Services |
Lomaiviti |
|
56 |
Kaloni Finance |
Kolonga |
|
57 |
Kiera Uasi Finance |
Ha'akame |
|
58 |
Kilisitina Finance |
Ma'ufanga |
|
59 |
Kiwi Shop & Finance |
Ma'ufanga |
|
60 |
Ko'ema Finance |
Ahau |
|
61 |
Kolo'ila Contractor & Finance |
Ha'utu |
|
62 |
Kolokakala Finance |
Tatakamotonga |
|
63 |
Kolonga Tahi Finance |
Kolonga |
|
64 |
Kupu I & M Finance |
Liahona |
|
65 |
Laisa 'Ilaisaane Siale Finance |
Lavengatonga |
|
66 |
Lalanga Finance & Productopm |
Pahu |
|
67 |
Langilangi Tokoma'ata |
Vaini |
|
68 |
Lataimu'a Finance |
Lavengatonga |
|
69 |
Lavaka Finance |
Lapaha |
|
70 |
Lea he Mo'oni Finance |
Halaovave |
|
71 |
Leilani & 'Olivia Finance |
Matafonua |
|
72 |
Leipua Lani Finance |
Kolomotu'a |
|
73 |
Lelei Finance |
Kolofo'ou |
|
74 |
Liki-Vaihea Finance |
Halaleva |
|
75 |
Lini Finance |
Haveluloto |
|
76 |
Lolotava Finance |
Ma'ufanga |
|
77 |
Longolongo 'Eiki Finance |
Ma'ufanga |
|
78 |
Loreto Cashmere Finance Services |
Ha'alalo |
|
79 |
Loveta Finance |
Pili |
|
80 |
LS Finance |
Kolofo'ou |
|
81 |
M.T.J. Finance |
Hofoa |
|
82 |
Maamaloa Loan & Finance |
Navutoka |
|
83 |
Ma'ata's Finance |
Haveluloto |
|
84 |
Mafi Tau Finance |
Kolonga |
|
85 |
Mafikananga Loan Finance |
Tofoa |
|
86 |
Maka Finance |
Lapaha |
|
87 |
Maka Tekina Finance |
Pahu |
|
88 |
Makaha Finance |
Fatumu |
|
89 |
Makiloti & Tevita Pekipaki Finance |
Vaini |
|
90 |
Mana Mei Langi Finance |
Ha'asini |
|
91 |
Mangele C.L.V Nau Finance |
Fatai |
|
92 |
Manuevaha Finance |
Ma'ufanga |
|
93 |
Mary Jane Finance |
Ma'ufanga |
|
94 |
Matangi-lelei Finance |
Lapaha |
|
95 |
Ma'u He 'Ofa Finance |
Ha'ateiho |
|
96 |
Mele Valele Finance |
Holonga |
|
97 |
MFH Finance |
Hamula |
|
98 |
Michael Angelo Finance |
Fasi-moe-afi |
|
99 |
Millis Loan & Finance |
Fanga |
|
100 |
MJ Finance |
Haveluloto |
|
101 |
MJSS Finance |
Malapo |
|
102 |
Moala Finance |
Ma'ufanga |
|
103 |
Moimoi Rental & Finance |
Kolomotu'a |
|
104 |
Monepea Cash & Finance |
Tu'atakilangi |
|
105 |
Mo'ui He Lotu Finance |
Pili |
|
106 |
MSA Young TMP Finance |
Makapaeo |
|
107 |
Mustard Seed Finance |
Houmakelikao |
|
108 |
Ofa he Lotu Finance |
Tofoa |
|
109 |
Ohana Finance |
Liahona |
|
110 |
Oliveti Finance |
Longoteme |
|
111 |
OSNE Finance |
Puke |
|
112 |
Pacific Finance & Investment Limited |
Ma'ufanga |
|
113 |
Paea Finance |
Tofoa |
|
114 |
Paea he Lotu Loans & Finance |
Tatakamotonga |
|
115 |
Palu Finance |
Fasi-moe-afi |
|
116 |
Papa Finance |
Lapaha |
|
117 |
Papatea Finance Limited |
Haveluloto |
|
118 |
Penaia Finance |
Malapo |
|
119 |
Petra Finance |
Homua |
|
120 |
Pro Loan Finance |
Pea |
|
121 |
Provider Finance |
Vaini |
|
122 |
Puafisi Family Finance |
Kolofo'ou |
|
123 |
PVT Immigration & Finance |
Kolofo'ou |
|
124 |
Ranaa Finance |
Lavengatonga |
|
125 |
Rohani JR Quick Loan Finance |
Tokomololo |
|
126 |
Rosetilia Finance & Services |
Haveluloto |
|
127 |
S&S Finance |
Longolongo |
|
128 |
S&S Tapuaki Finance |
Vaini |
|
129 |
Salote Finance |
Vaini |
|
130 |
Sam & Tau Finance |
Holonga |
|
131 |
Sam Finance |
Kolomotu'a |
|
132 |
Samvita Finance |
Fatumu |
|
133 |
Sangster Finance |
Ha'asini |
|
134 |
Seilose Finance |
Matahau |
|
135 |
Semikolo Finance |
Lapaha |
|
136 |
Sesta Finance |
Halaovave |
|
137 |
Sia Junior Finance |
Fasi-moe-afi |
|
138 |
Siale Family Finance |
Lapaha |
|
139 |
Si'i Me'i Suka Finance |
Mataika |
|
140 |
Sitaena Sola Finance |
Ma'ufanga |
|
141 |
Siumafua Finance |
Folaha |
|
142 |
SNTFM Fakaongo Ki Langi Finance |
Haveluloto |
|
143 |
Soakimi's Finance |
Lapaha |
|
144 |
Sofia Susitina Sakalia |
Ma'ufanga |
|
145 |
SSS Palu Finance |
Fanga |
|
146 |
Suliana Kakala |
Fanga |
|
147 |
Susana Finance |
Pelehake |
|
148 |
TalaNōa Finance |
Ha'asini |
|
149 |
Talimalimali Finance |
Makaunga |
|
150 |
Taniva Finance |
Longolongo |
|
151 |
Taufu'i Family Finance Services |
Popua |
|
152 |
Taukakapa Loan & Finance |
Haveluloto |
|
153 |
Titako Finance |
Longoteme |
|
154 |
TJ Wals Finance |
Kolofo'ou |
|
155 |
Toa ko 'Ahopanilolo Loan & Finance |
Ma'ufanga |
|
156 |
Touliki Micro Loans and Finances |
Ma'ufanga |
|
157 |
Tu'imana Finance |
Pahu |
|
158 |
Uasike Finance |
Fahefa |
|
159 |
Uikelotu Topaz Finance |
Ma'ufanga |
|
160 |
Utufia Finance |
Popua |
|
161 |
Utulanivaka Finance |
Tatakamotonga |
|
162 |
Vai ko 'Elimi Finance |
Tofoa |
|
163 |
Vaka Tau Mai Finance |
Fasi-moe-afi |
|
164 |
Vangana He 'Ofa Finance |
Fanga |
|
165 |
Veronica Finance |
Houmakelikao |
|
166 |
W & L Finance |
Vaini |
|
167 |
Waterlily Store & Finance |
Fo'ui |
|
168 |
Watson & Lose Finance |
Nualei |
|
169 |
Young Brothers Loan Finance |
Tofoa |
|
B. |
VAVA’U |
|
|
170 |
Joyceann's Finance |
Talau |
|
171 |
KaNōgata'a Finance |
Longomapu |
|
172 |
L & M Finance |
Kameli |
|
173 |
Lilia Finance |
Neiafu |
|
174 |
M&M Finance |
Neiafu |
|
175 |
Saineha Kaufusi Veatupu Finance |
Masilamea |
|
176 |
SSE Finance |
Neiafu |
|
177 |
Talifuifui Finance |
Feletoa |
|
C. |
HA’APAI |
|
|
178 |
Obama Finance |
Nōmuka |
|
D. |
‘EUA |
|
|
179 |
'Aholelei Finance |
Futu |
|
180 |
Halatoafa Finance |
Petani |
|
181 |
HoNōlulu Finance |
Mu'a, 'Eua |
|
182 |
JLC Finance |
'Ohonua |
|
183 |
Katrina Finance |
Pangai, 'Eua |
|
184 |
Mele Takau Finance |
Ha'atu'a |
|
185 |
Paea he 'Ofa Finance |
Angaha |
|
186 |
Paionia 'O Kolomaile Finance |
Ha'atu'a |
|
187 |
Pamini 'Anau Finance |
Pangai, 'Eua |
|
188 |
Samaletani Finance |
'Ohonua |
|
189 |
Tele'a Hiva Finance |
Sapa'ata |
|
190 |
Victoria Finance |
'Ohonua |
The Reserve Bank appreciates your assistance in complying with the Moneylenders Act 2018. For more information, please contact the Non-Bank Financial Institutions Department of the National Reserve Bank of Tonga. A copy of the Moneylenders Act 2018 on the following links: English | Tongan.
Enquiries
Financial Institutions Department
National Reserve Bank of Tonga
Fasi mo e Afi
NUKU'ALOFA
Telephone: (676) 24057
Fax: (676) 24201
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Resources
Press Release in English 186 KB - Download a copy of the full press release. |
| Press Release in Tongan 297 KB - Download a copy of the full press release. |
| See more Press Releases in 2020. |
