BSP PNG rolls out new system

During the training sessions, agents are being informed about the changes that will occur with the new system, which is scheduled to be implemented next month.

Under the new system, BSP Agents will no longer utilize EFTPOS to facilitate customer transactions. Instead, they will utilize tablets to carry out customer transactions.

Customers will no longer be able to use BSP cards to transact at an Agent; they will use a mobile phone instead.

BSP delivers a record K1.136b profit

Consequently, BSP’s shareholders K1.74 full year dividend was only marginally higher (0.6%) than the prior year’s K1.73.

According to BSP’s Acting Group CEO Ronesh Dayal, the result was impacted by the K190 million Additional Company Tax (ACT) and a one-off tax credit of K135 million. The tax credit comes after PNG Bank’s closing deferred tax assets and liabilities for 2022 were re-measured at 45%, in accordance with international accounting standards, given the PNG commercial bank tax rate increase from 30% to 45% in 2023.


K19,000 pitched in for softball

This financial backing seals BSP’s commitment as the naming rights sponsors of the “2023 Liklik Softball” competition for junior softballers in Port Moresby.       

BSP Sponsorship Manager, Amelia Minnopu when presenting the cheque to the committee said: “The fundamental aspects of the banks support is by always placing our people and communities at the core of our business, not only through sports but any other community engagement which develop participation and growth.”

BSP extends hours for ‘Back to School’

BSP PNG Deputy General Manager- Retail-Sales and Customer Service Delivery, Peter Komon announced that the 28 selected branches will open their doors for the next five Saturdays, commencing Saturday 21st January to 18th February, 2023, from 9am to 1pm. 

BSP Sponsors Hiri Moale Festival

This is the first sponsorship launch towards the festival and is the third time BSP has assisted. The presentation today had BSP hand-over a cheque of K30, 000 to assist with the festival.

Corporate Sponsorship Manager, Amelia Minoppu, stated that BSP is pleased to join another year round since 2021.

“As you all know culture and tradition plays a big role in our communities and in the Pacific and the values of the communities we operate in. It’s through events like the Hiri Moale festival that our brand identifies the people that we work with,” she stated.

BSP Sponsors Enga Cultural Show

The two-day show featured a showcase of sing sings, rituals, flora and fauna, the Enga-Made Expo and banking services by BSP Wabag Branch, the only bank operating in Enga.

BSP Wabag Branch Manager, John Tomba said BSP was proud to support the event for the first time with K30, 000 towards the two-day annual show that continues to promote the unique cultures and traditions of the province.

Monetary policy tightened to counter inflation

In a statement released by BSP Financial Group yesterday (19th July 2022)

BSP says, “To counter this high domestic inflation, the Bank of PNG has tightened the Monetary Policy by increasing the Kina Facility Rate (KFR) by 0.25 percent to 3.25 percent this month (July 2022).”

GoFood App key features

You can either place your order on the App and when the order is delivered to your doorstep, you can make payment via eftpos or you can pay through BSP Pay, a tab that BSP has done with GoFood (PNG) Ltd.

Anurag Borkar of GoFood Ltd said they will soon be launching the BSP Internet Payment Gateway (BSP IPG) which will allow all master and visa card holders to pay directly through the app.

BSP opens Palmalmal branch

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.   

Businesses confident in investing in PNG

BSP Group General Manager Corporate Bank, Peter Beswick said ,“Announcements by investors in Papua New Guinea and the South Pacific has demonstrated a strong international investment intentions that will lift economic activities for PNG and the South Pacific in  2022.”

Beswick said, “The mining companies continue to be an attractive investment destination. Growth in mining industry is estimated to be 5.4%, which reflects the expected recommencement of the Porgera and improvements in OK Tedi production and Wafi-Golpu this year, 2022.”