BSP Financial Group Ltd has always regarded financial inclusion as a priority not only to promote economic growth but because it also ensures the spread of growth.
BSP Group CEO, Robin Fleming said that in the BSP Pacific Economic and Market Insight Quarter 3, 2021 Report, BSP chose to deal with the challenges facing financial inclusion, due to a significant number of Papua New Guineans living in remote areas being left out.
BSP’s commitment to its customers is evident with the opening of Koroba Branch in Hela Province, a larger sub-branch at Namatanai, New Ireland Province in July and the September reopening of the Kerema sub-branch in the Gulf.
Mr Fleming said BSP is working hard to open new centres in Eriku, Lae and Mt Hagen to improve the service levels for the growing numbers of its customers.
BSP is the people’s bank and it continues to provide essential services in areas like Aitape, Moro, Porgera, Kainantu, Arawa and Koroba, and these are unreachable even by other banks making it proof of BSP’s commitment and goal in giving back to communities.
PNG’s 2021-forecast growth have been revised and this follows the improvements in the large mineral and petroleum industries, especially at a time when the State, Kumul and Barrick are progressing with the Porgera commencement agreement, which is currently in its final stages.
He said the recent outcomes in commercial discussions with extractive project developers was a boost to business confidence, and when these projects come online, economic growth will inevitably receive the much needed boost following the recent downturn in economic activity.
The PNG Kina has remained unchanged against the US Dollar for a third consecutive quarter, while foreign reserves at the end of June 2021 shows a 7 percent quarter increase off the back of favorable inflows.