BSP Financial Group Limited established the sub branch in Palmalmal in 2012 to service an estimated 100,000 people (then) in the Pomio District who would otherwise have to travel to Kokopo and Rabaul by air or sea to access banking services.
BSP Group General Manager for Retail Daniel Faunt said the sub branch provide only a limited service due primarily to unreliable telecommunication infrastructure.
“We upgraded the sub branch into a Hybrid Branch at a cost of over K2 million which will essentially improve our communication and systems to enable us to offer more services to the people of Pomio. These services include the continued provision of basic banking services such as account opening, deposit and withdrawal services as well as access to other bank products including the ability for businesses in Pomio to access bank services. The new branch is a larger modern building and will have more staff to serve customers.
“The upgraded BSP Palmalmal Branch will be a relief to the people in the district as our personal and business customers will be able to save considerable time and money of traveling to Kokopo as the service is now at their doorstep. SMEs, churches, schools, Family Groups and Personal Banking customers will all benefit from the bigger facility,” Mr Faunt added.
BSP Group CEO Robin Fleming, who was also present at the opening, said a similar upgrade is in progress for the Telefomin sub-branch.
“We are the only bank that services Pomio District. BSP is also the only bank servicing Kerevat and Rabaul. We remain committed to expanding, upgrading and improving our services around the country. Evidence of these are; the recent opening of our branches in Koroba and Namatanai, re-opening of the Kerema Sub-Branch as well as new branches under construction in Eriku in Lae, Dobel in Mt Hagen, Maprik upgrade and conversion to full branch later in 2022,” Mr Fleming said.