BSP Financial Group Ltd

BSP Online Solution To Ease Payment Issues

Payment of school fee has been an on-going issue for all students, parents, sponsors and education institutions throughout PNG, thus BSP’s online payment solution will cover such issues and a solution to both parties to avoid visiting the branches and for an efficient reconciliation process.

UPNG’s Director of Information and Communication Technology, William Tapio said the payment method the school wants to encourage parents, guardians, sponsors and students to utilize these payment methods to achieve a seamless registration journey for both students and bursary staff.

Forex Market Inflow To Build Up

BSP Group General Manager, Treasury, Rohan George said as FX inflows can be lumpy, there is expected to be periods where outstanding FX orders build up.

“To manage volatility in foreign currency flows, businesses should place FX orders (with correct documentation), as soon as possible, ensure orders are cash-backed while awaiting execution, ensuring tax clearance certificates are current and reflect the expected FX order execution time,” George stated in the BSP Pacific Economic and Market Insight Q1 2022 Report.

Global Economy Remains Constrained

According to BSP Pacific Economic and Market Insight Q1 2022 Report, BSP Group General Manager for Corporate Banking, Peter Beswick said Russia’s invasion of Ukraine is significantly affecting global commodities.

“One of the major impacts has been crude oil, with prices having increased from USD35 to USD120 BBL in the last 18 months (240%).

BSP Staff Recount Merger Experience

The announcement then had caused apprehension for staff from the PNGBC, wondering if there would be job cuts or position redundancies, and what the structure of the new organisation would be.

Now 20 years on, BSP is the largest commercial bank in Papua New Guinea, the South Pacific, and with two subsidiary branches in South East Asia.

BSP has more than 3,100 staff in PNG and 4,600 across the group. Some of the 366 staff who are still employees of the bank today, shared their experiences on the merger.

BSP Reduces Service Fees

These include a reduction in the Kundu Package Account monthly fee for its personal account customers, changes to Cash Handling Fees on withdrawals and removal of cash handling fees on deposits effective as of 1st March 2022.

BSP Group CEO Robin Fleming said BSP will reduce the ‘all in one’ BSP Kundu Package Account monthly service fee by K1, from K9.50 to K8.50.

The Kundu Package Account is an account designed for customers who do multiple transactions per month and would prefer to pay a one monthly fee for these services..

Strong Investment Intentions

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

He added that the mining companies continue to be an attractive investment destination and growth in mining industry is estimated to be 5.4%, which reflects the expected recommencement of Porgera and improvements in OK Tedi production and Wafi Golpu this year, 2022.

BSP Backs Rabaul Schools Rugby

The Bank of South Pacific through its Rabaul town branch presented a cheque for K40,000 to interim President of Rabaul Rugby League (RRL), Michael Marum.

Before the cheque presentation on Thursday 3rd of February, BSP Rabaul Branch Manager, David Pilai said BSP continues in the path to identify, develop and support young talents through sports.

The sponsorship support will go towards upgrading the second sports field that will be used in the competition. Trophies, sporting equipment and competition cost is covered in the sponsorship.

BSP Welcomes GDP Trainees

The 17 GDP trainees will undergo 12 months of attachment and rotation within various Strategic Business Units of the bank.

This on record is the second biggest group of BSP GDP participants. This program is open to Papua New Guinean Citizens in their final year of study at a local or overseas university in the following disciplines:

BSP Shares Christmas Spirit

The BSP staff in a recent visit to the Port Moresby General Hospital made a choice to open their hearts through personal contributions to present gift bags that contained essentials to mothers and their newborn babies. They extended their appreciation to the hard working staff of PMGH Maternity wing with a cake on Wednesday 22 Dec 2021. 

SMEs Benefit From Scheme Loan

It was reported that of the 2100 SMEs that had applied for loans via the SME CESL facility, over 50 percent applicants were successful with nearly 30 percent of loans in the application stage and 20 percent got declined through the Bank’s normal credit assessment process, according to BSP Group CEO Robin Fleming.

Fleming said that BSP Financial Group Limited continues to fund loans using its own funds under the SME CESL facility, despite exceeding the K100m support funding provided by the Government.