BSP Financial Group Limited (BSP)

BSP Grants 90-day Extension To Puma

BSP in a media release stated that this comes at the request of the PNG Government. 

The extension has been granted on the basis that additional time is required for Puma to complete transferring its banking requirements to another bank in PNG.

The civil unrest that affected many parts of the nation between the 10th and 11th of January, 2024, were unfortunate and unforeseen. BSP has granted this extension considering disruptions in normal business operations for other banks, financial institutions, and the business community at large.

BSP Clarifies Puma Energy Accounts Closure

BSP initiated a 90-day notice to cease operations on June 9, 2023, citing reasons already communicated to the Bank of Papua New Guinea and the Financial Analysis and Supervision Unit, which have also been relayed to the government.

Following a request from the government, BSP extended the account closure deadline to 8th March 2024. Presently, Puma Energy's account with BSP remains operational. 

By March 8, 2024, Puma will have had a nine-month window to responsibly manage its affairs and establish alternative banking arrangements.

BSP empowers future through Education

This marks the bank's ongoing assistance to the charity since 2017, reflecting its dedication to enhancing the lives of disadvantaged youth and providing hope for a brighter future.

Ronesh Dayal, BSP Group Chief Financial Officer, emphasized the importance of Life PNG Care Inc.'s 'Strongim Pikinini Education Program' in fostering self-reliance among underprivileged children.

Dayal expressed confidence that the bank's contribution will aid in advancing the education of these children, empowering them to pursue their aspirations and work towards a meaningful future.

Roll out of the American Express Cards on Merchants

BSP operates the largest ATM and EFTPoS network in PNG with 321 ATMs and over 10,000 EFTPoS currently in operation throughout the country.

These merchant services provide a convenient way to access funds in your bank account using your BSP KunduCard, BSP VISA Debit Card or Corporate VISA Card.

The process of upgrading these machines is to add additional functionality and capability to accept American Express (AMEX) Cards to access cash and make purchases conveniently using these BSP services.

BSP addresses recent allegations

“These allegations and statements made regarding BSP and its employees are untrue and that there is no basis at all for these defamatory statements,” said the financial institution.

“BSP has and will continue to make its own enquiries, and has referred matters to relevant law enforcement agencies where appropriate. 

“BSP is ensuring the Bank of Papua New Guinea is kept fully informed regarding this matter.

Cancer Foundation's Trupla Man Program gets support

The Trupla Man Outreach Prevention & Education Program aims to encourage discussions about health and lifestyle choices among men, with the goal of raising awareness about men's cancer and cancer presentations.

During the cheque handover, BSP Corporate Sponsorship Manager, Amelia Minnopu expressed the bank's recognition of the significant health issues faced by many men in PNG.

Minnopu praised the work of the PNG Cancer Foundation in the communities, emphasizing the importance of awareness and early detection in saving lives.

Empowering Paralympians

The funds were provided to assist the country's team in the forthcoming 2023 World Para Athletics Championships, set to take place in Paris, France this July.

The PNG delegation, consisting of three individuals including a coach, will represent their nation on the global stage. Dorna Longbut, a remarkable Paralympian, will compete in both the Javelin and Shot Put events.

IRC forges strategic partnership

Koim stated at the signing of a Memorandum of Understanding (MoU) between the BSP Financial Group Limited (BSP) and the Internal Revenue Commission (IRC) on the 28th of March, 2023 at the IRC Headquarters. 

The MoU establishes a framework for cooperation and coordination between the tax administration and the bank. The MOU also sets out the expectations and responsibilities of each party and outlines the process for resolving any disputes or issues that may arise during the collaboration.

ATMs, EFTPoS available over long weekend

BSP Financial Group Limited (BSP) Group CEO, Mark Robinson, said to implement the new Banking System safely and securely, the bank needs to switch off the old system and migrate banking records to the new Banking System. This will require a series of planned downtimes, with some services being unavailable over the Easter weekend.

“We know interruptions to your banking services are not ideal and we have robust plans in place to ensure this transition is as smooth as possible for our customers,” said Mr. Robinson.

Over 2600 SMEs assisted

BSP Group GM for Retail, Daniel Faunt said the SME Credit Enhancement Scheme loan (CESL) continues to get a lot of traction in Retail Lending since its roll out on 4th October, 2020.

“To date since February 2023, we have funded over K332m in SME Credit Enhancement Scheme Loans assisting 2,640 SMEs. Equity requirement was reduced from 30 percent to 10 percent with an increase of funding from K3m to K5m in May of 2021. That allowed for greater participation from the SME sector in this scheme,” Mr Faunt added.