BSP

East Sepik’s BSP Wewak Branch has been in operation since 1977 and while the province’ s economic activities has picked up in recent years since the establishment of the Sepik Economic Zone, so has BSP SME products offering.

Wewak Branch Manager Robert Jomino said Financial Literacy Training in the province has also picked up momentum because of agricultural development and business opportunities, but the service that is on demand in the province, is its SME Loan products.

This did not deter the students’ and teachers’ commitment towards education.

BSP Tari Branch while on an earlier visit to the school to run Financial Literacy Sessions, discovered that classes were being held in semi-permanent classrooms while students were sitting on makeshift desks, some even sat on the bare ground.

The branch stepped in and assisted the school with 100 desks, four teachers’ tables and chairs, installed a COVID-19 hand washbasin for the students and painted two of the school’s classrooms.

The Port Moresby school is recognized for its students’ high performance and excellent academic staff and facility. The last seven years has shown their Grade 10s topping the National Exams and being among the top five performing schools for the 2020 Grade 12 National Exams.

BSP Life PNG collaborated with NiuNet PNG to install four new computers containing e-library for students, and donated 223 library books and sporting gear as part of BSP’s annual community project initiative for 2021.

In its Pacific Economic and Market Insight Quarter 2 of 2021 Report, it shows that a 4.2 percent economic growth is expected by 2022, as Papua New Guinea continues to recover from COVID-19 pandemic.

The report highlights that the recent surge in COVID-19 cases poses a threat to the expected economic growth of 3.5 percent for this year.

In addition, the report stated that the reopening of the Porgera Gold Mine now sets the path for all stakeholders’ partnership for the next 10 years, especially copper and oil; two of PNG’s major exports are at multi year highs.

“This will strengthen our physical presence in Lae through our new Eriku Branch. This will enable BSP to continue to better serve the residents and people of Morobe Province,” said BSP Group CEO Robin Fleming.

BSP currently serves more than 152,000 BSP customers through its five 5 branches Lae Top Town, Lae Market, Lae Commercial Centre, Lae SME Centre and Bulolo Branch. The bank also has 3 Sub-Branches and 19 Agents in the province.

The Banking has recently announced it will be opening another branch in Lae, bringing the total number of the branches in the province to six

BSP Group General Manager for Retail, Daniel Faunt said BSP’s expansion enables the bank to continue to strengthen its relationship with larger and remote communities in Morobe.

BSP Group Chief Executive Officer,  Robin Fleming made the announcement at the BSP Annual General Meeting, while giving an update on BSP’s full year results for 2020 and first quarter results for 2021.

The bank’s listing on the Australian Stock Exchange will give them the opportunity to grow the business while ensuring stronger returns for their shareholders.

According to BSP Group Chairman, Sir Kostas Constantinou, BSP is on track to join the ASX in the first half of 2021.

The funding goes towards its annual Red Feather Fundraiser program.

The Red Further fundraiser is an annual event staged to mobilise funds and resources to run programs and support services that the Centre has.  

The Centre’s General Manager Bernard Ayeko said, “It is through our partners that we are able to run this organisation, and BSP has been one of our fundamental supporter for a long time.”

BSP Group CEO Robin Fleming said this is the first of such MoU with any government department.

“These payment gateway modes would appropriately suit different paying sectors of the population of which some are rural based suited with mobile payment mode and Kiosk which would be made available in all cash offices and popular and common public access points, while online will suit city residents and overseas paying clients,” Mr Fleming said.

BSP Group retail general manager, Daniel Faunt, advised that as of Saturday 8^th May, 2021, Kundu Standard Account customers will not be charged any fee for their merchant transactions using EFTPoS terminals for purchases less than K25.

With purchases over K26, the service fee of K0.25t will apply.

Faunt further explained that the change would enable cheaper transactions for BSP’s Kundu Standard customers.

“It will then save time and money,” he stated.