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BSP Pitched in K19,000 for the ‘2023 Liklik Softball’ Program
In developing and identifying young and local sporting talents, BSP Financial Group Limited (BSP) has pitched in K19,000 to the Port Moresby Men’s Softball Association as naming rights sponsors of the “2023 Liklik Softball” competition for junior softballers in Port Moresby.
PNG FX Market Turnover increases in 2022
Foreign exchange turnover growth was driven by both increased BPNG interventions and higher receipts from commodity exports.
BSP gives K30, 000 for Hiri Moale Festival
BSP Financial Group Limited (BSP) is the first corporate organization to throw its support behind the Motu Koita Assembly in hosting the 2023 Hiri Moale Festival.
Confidence improves despite high inflation
“Business and consumer confidence continued to improve during the final quarter of 2022, with anecdotal evidence across a broad section of our retailers and hotel operators experiencing record pre and post-Christmas sales activity”, said BSP Group GM for Corporate Banking, Peter Beswick.
BSP Saturday ‘Deposits’ for School Fees
“We understand that a lot of our customers cannot make it to our branches during week days to pay for school and tertiary institution related fees therefore BSP, as in past years, has allowed for selected BSP Branches to be open on Saturdays for ‘Back-to-school’ needs, commencing this Saturday 21st January, 2023,” announced Deputy General Manager for Retail – Sales and Customer Service Delivery, Peter Komon.
Accelerate Foreign Direct Investments (FDIs) in 2023 to sustain PNG’s economic recovery
Papua New Guinea's economy through the course of 2022, has experienced higher levels of activity post the COVID-19 period. To maintain this shift in momentum, government needs to accelerate foreign direct investment (FDI) in 2023.
BSP replacing 120 ATMs
“In our continued efforts to improving our ATM services, BSP is installing 120 new ATM machines and is working to ensure our ATMs are available for customers to easily access cash,” says BSP Retail Group General Manager Daniel Faunt.
BSP opens Lending Centre in NCD
BSP continues to serve its customers through branch expansions and today, Wednesday 21st December, 2022, soft launched its ninth branch in the National Capital District.
BSP SMEs undergo development training
Thirty-eight (38) participants comprising of BSP SME customers and BSP staff recently completed a two week training on understanding the different aspects of businesses and how to grow them.
BSP, more than a bank.
Amid the countless challenges in the rural communities, BSP Financial Group Limited (BSP) continues to maintain and provide not just the banking services but the much needed support to communities which it operates in through BSP’s Community Projects each year.
BSP CFO appointed Acting Group CEO
The BSP Board has announced the appointment of its current Group Chief Financial Officer (CFO) Ronesh Dayal as Acting Group Chief Executive Officer (GCEO), effective 1st January, 2023.
BSP Restores Banking Services at Henganofi Sub-Branch
BSP Financial Group Limited (BSP) has restored banking services in Henganofi District in Eastern Highlands Province yesterday (Tuesday 29th November, 2022), after weeks of shutdown following a breaking and entering of the sub branch on Tuesday 1st November, 2022.
ANG to Accept BSP Pay for Ticket Purchase Online
Air Niugini and BSP Financial Group (BSP) customers can now book and pay for airline tickets instantly and securely online without using their BSP Cards via BSP Pay online payment option.
BSP a Best Performing Private Sector Organisation
BSP Financial Group Limited has been recognised by the PNG Human Resources Institute (PNGHRI) and awarded one of the two Best Performing Private Sector Organisations with Best Practices in its Human Resources & Information System – iChris.
BSP Navo Sub-Branch indefinitely closed
BSP Financial Group Limited (BSP)’s sub branch at Navo in West New Britain Province was broken into over the weekend with significant damage caused to BSP property. BSP Navo was set up to assist the local community who otherwise would have had to travel to Bialla, which is one hour out, by road.
BSP Supports Port Moresby General Hospital Cancer Ward
BSP Financial Group Limited (BSP) Presented K22, 000 to the Port Moresby General Hospital Cancer Ward today (Friday 18th October, 2022) at the BSP Waigani Head Office in Port Moresby.
Pacificana accepts BSP Mobile Merchant Payments
Pacificana a Local MSME has partnered with BSP Financial Group Limited (BSP) through registering as a BSP Mobile Merchant. Customers can now order and pay using Pacificana’s BSP Merchant Code 56997.
BSP Supports National Volleyball Championships as Naming Rights Sponsors
BSP Financial Group Limited (BSP) has served in K50, 000 to Papua New Guinea Volleyball Association to host the 2022 National club championships scheduled from November 8th – November 11th, 2022.
BSP opens new Eriku Branch Doors
BSP Financial Group Limited (BSP) continues to strengthen its presence and relationship in Morobe Province through the opening of its Eriku Branch in Lae today (Thursday 3rd November, 2022).
BSP Continues to be an Advocate against FSV
BSP Financial Group Limited (BSP) understands that Family Sexual Violence (FSV) is the most prevalent form of gender inequality that affects households and communities, and spans across workplace and generations.
BSP records NPAT of K672 million in Q3 of 2022
BSP’s strong business performance across the Group was maintained in the third quarter of 2022, with Group net profit after tax of K672m, compared to K699m for corresponding 2021 period. This sound performance was achieved notwithstanding BSP having expensed the Additional Company Tax (ACT) payment of K190m, which was introduced this year.
BSP launches Awareness campaign on Financial Abuse
BSP Financial Group Limited (BSP) launched its inaugural awareness campaign on financial abuse today (Thursday 27th October, 2022.)
BSP Telefomin Hybrid Branch ground breaking
BSP Customers in one of the most remote areas of the country - Telefomin District in West Sepik Province will have improved banking services, in mid-2023 once BSP’s upgrade of the sub-branch to a Hybrid Branch is complete.
Vodafone on BSP Mobile Banking platform *131#
BSP customers who are registered Vodafone SIM Card holders can now access Mobile Banking services on BSP Mobile Banking USSD Platform *131#.
High Commodity Prices to Support Foreign Exchange (FX) Inflows, says Top Banker
“Firmer commodity prices have offset lost foreign exchange market inflows from the closure of the Porgera Gold Mine after Barrick inflow decreased by 75%,” According to the BSP Quarter 3 Economic Insight report.
BSP Supports BPNG’s Monetary Policy Stance to Address Inflation
Many businesses and individuals are being affected by the increased cost of business and increased cost of living with Consumer Price Index (CPI) inflation in PNG at 5.5% at the end of the June quarter, and the Bank of PNG (BPNG) forecasting 6.0% inflation for the year 2022.
Business Confidence Improved
“The Prime Minister and Hon. James Marape’s opening address at the 11th Parliament session on “Restructuring Governance and Real Development Outcomes” was well received by the market,” said BSP Group General Manager for Corporate Banking, Peter Beswick.
BSP Continues to Support PNG Swimming Inc with K80, 000
BSP Financial Group Limited (BSP) remains committed to giving young swimmers in PNG the opportunity to progress further in competitive swimming and representing the country internationally.
BSP hosts Leadership and SME Immersion
A SME owner has thanked the BSP Financial Group Limited for collaborating, recognising and acknowledging SMEs efforts, especially women in business who continue to break barriers and create opportunities for other local businesses.
BSP and Brisbane Broncos Strengthens Community Partnership
The BSP Financial Group’s Limited (BSP) Community partners and Australian professional rugby league club, the Brisbane Broncos Management and a few current players are in the country for few days visit as part of their community engagement drive with BSP.
BSP Red Ribbon sponsor brings banking into Morobe Show
Personal Account opening, registrations for Mobile and Internet Banking and Cash Agent awareness will be among services offered this weekend at the BSP Stall during the 59th Morobe Show.
BSP walks into Pinktober with 'Pink-a-thon'
October is women’s health awareness month under the Pinktober global health campaign and BSP Financial Group Limited as a responsible corporate organisation also joins others to champion this worthy cause in the community.
BSP Group CEO accorded ‘Honorary Professor in Banking and Finance’
BSP Group CEO Robin Fleming is among five Papua New Guineans who have been accorded the honorary title of Professor by the University of Papua New Guinea’s School of Business and Public Policy for their contribution to the country as well as standing in the community.
BSP Donates Classroom Equipment to Special Education School
Providing a revitalized facility for children to study stimulates an encouraging learning environment for children,” says Head of BSP Credit Inspection, Mukesh Madho when handing over a completed refurbished project by Group Compliance team to Callan Resource Center Services Special School for Children with disabilities in Gerehu last Thursday 22nd September, 2022.
New BSP Branch in Western Highlands
Western Highlands Province will now have two fully serviced branches come July 2023, thanks to the BSP Financial Group Limited (BSP).
BSP refurbishes Pari village urban clinic
Clinics and Health facilities play a critical role in providing primary health care services however the challenge most facilities face is maintenance – an aspect BSP Financial Group Ltd has been able to address in a community through its Community Projects.
BSP Delivers New Basketball Court to Kuriva Primary School
Fifty years on since its establishment, the students of Kuriva Primary School along the Hiritano Highway in Central Province now have a Basketball Court for Physical Education lessons, thanks to BSP Financial Group’s 2022 Community Project.
BSP conducts ATM information awareness session
In an effort to create more public awareness of its ATM operations, BSP conducted an ATM information awareness session on Tuesday 20th September 2022, with members of the mainstream media in Port Moresby.
BSP Finance Refurbishes Bomana Health and Welfare Building
The BSP Finance PNG team has handed over a refurbished hoary old building at the Bomana Correctional Facility that housed the jail clinic, welfare office, Chaplain’s Office, the Main Prison Food Storage room and the Office of the Officer In Charge of the Bomana Correctional Service Institute in Port Moresby.
BSP supports POM City Markets with K10, 000
For the second year running, BSP Financial Group Limited continues its support to the monthly POM City Market with a Bronze Sponsorship of K10,000.
BSP assist prepare Santos PNG Orchids team for trip
The Santos PNG Orchids will be traveling to Australia on Wednesday 21st September, 2022, for the upcoming Prime Minister's XIII match against the Australian Jillaroos. The match will be played on Sunday 25th September, 2022.
BSP ‘Helpim Mama Karim Haus’
Mothers at Port Moresby General Hospital’s Post Natal Ward will now have access to an additional ablution block after it refurbished by three (3) of BSP Financial Group Limited’s (BSP) Strategic Business Units.
Introducing BSP e-Commerce Services on GoFood (PNG) Mobile App
GoFood (PNG), an online food delivery service recently partnered with BSP Financial Group Limited to launch their GoFood (PNG) Mobile App for customers to order and pay for goods and services.
BSP to Re-file Supreme Court Challenge on Additional Company Tax and Market Concentration Levy
BSP Financial Group Limited (BSP) is in the process of filing a new application in the Supreme Court under Section 18 (1) of the Constitution to declare the amendments to the Income Tax Act, which introduces the “Additional Company Tax”, as unconstitutional, according to BSP CEO, Mr Robin Fleming who re-iterated that it has always been BSP’s intent to challenge the Act. BSP is also challenging those amendments that impose a Market Concentration Levy.
BSP Supports Local Product Owner
BSP Financial Group Limited (BSP) continues to be an advocate for women and girls in communities when partnering with Queen Pads PNG to support its work and product distribution.
BSP supports staging of Mt Hagen Show
“The historical Mt Hagen Show is on again this weekend (Saturday 20th to Sunday 21st August, 2022) and BSP Financial Group is proud to be supporting the show as Bronze sponsors,” said BSP Mt Hagen Branch Manager Theresa Pilamp.
BSP continues to deliver strong underlying financial results in the first-half of 2022
The strong underlying business performance across the Group reported in the first three-months of 2022 was maintained in the second quarter, resulting in an increased first-half 2022 Group net profit after tax of K586m, compared to K449m for the corresponding 2021 period. After adjusting for the Additional Company Tax of K190m, the Group’s net profit reduced to K396m.
BSP supports successful Enga Cultural Show
A feast of cultural festivities was successfully held over the weekend in Wabag Town – featuring showcase of sing sings, rituals, flora and fauna, the Enga-Made Expo and even banking services by BSP Financial Group Limited’s (BSP) Wabag Branch.
Wabia Rural Health Centre lit up by BSP
Patient health care will be improved at the Wabia Rural Health Centre in the Komo Huli District of Hela Province following the refurbishment of the facility and donation of medical equipment by BSP Financial Group Limited.
BSP backs PNG Santos Orchids Team
BSP Financial Group Limited (BSP) continues to support sports and women empowerment in communities while promoting local talents at an international level.
Koiari Park Secondary Receives new e-Library System
In the hope to aid students maximise their access to greater study materials, BSP Life PNG Limited (BSPL) donated two new computer sets and three Wi-Fi-routers to Koiari Park Adventist Secondary School, with access to free e-learning material to supplement the knowledge and skillsets for these students.
BSP Closes Chuave and Mendi Branch Doors - Porgera Remains Closed
BSP Financial Group Limited (BSP) has been forced to shut the doors of four if its branches in the Highlands and Momase regions following security concerns, mostly related to the 2022 National General Elections. Porgera branch in Enga, Koroba Hybrid Branch in Hela, Chuave Sub Branch in Simbu, and Kabwum and Mutzing Sub Branches in Morobe all remain closed. The operations of BSP Mendi Branch in Southern Highlands has also been disrupted in the past week.
BSP includes special needs children in 2022 Community Project
BSP Financial Group Limited has been thanked for recognising the rights of children with special needs and enabling access to education through one of three refurbished classrooms at the Gababaga Primary School in Central Province.
BSP and BbP Launched New Children’s Book
Buk Bilong Pikinini (BbP) and BSP Financial Group Limited (BSP) yesterday (Thursday 03th August, 2022), launched the 8th Series of the 13th Editions of children’s book “When I Grow Up” at the BSP Port Moresby Branch.
Changes to Indicator Lending Rates
BSP Financial Group Limited has announced changes to its variable rate lending products that will take effect on Thursday 1st September 2022.
BSP Refurbished Tubusereia Health Centre
A newly refurbished Tubusereia Health Centre will now provide an improved and friendlier environment for the lone health worker Sr. Nancy to treat patients in and around Tubusereia village.
BSP upgrades Tong Islanders’ Aid Post
After years of lying in a deteriorating state, Tong Islanders in Manus now have a refurbished Aid Post where they can access medical services, thanks to BSP Lorengau Branch’s 2022 BSP Community Project initiative.
Online Market Place Guarantees Safe Payments via BSP Online Payments
An innovative online marketplace - FindrPNG, now able to facilitate payments efficiently between service providers and respective customers after onboarding BSP Online Payment system on its platform.
BSP donates K100, 000 to Operation Open Heart Foundation
A donation assistance by the BSP Financial Group Limited (BSP) will see the Operation Open Heart Foundation (OOH) continue its program in providing surgical heart operation assistance to the people of Papua New Guinea.
BSP serves K10, 000 to Squash & Tennis Open 2022
Sports and Social development is one of the key areas in which BSP Financial Group Limited supports and gives back to the community and the bank is pleased to support one of its long-time partners – the POM Racquets Club.
Foreign Exchange Market Inflows Gain Momentum in the June Quarter
“Foreign Exchange (FX) market inflows gained momentum in June Quarter. FX inflows are expected to seasonally taper in September Quarter, and outstanding FX orders build-up again,” says BSP Group General Manager – Treasury, Rohan George.
Reopening of Porgera - a catalyst for continued economic growth
The reopening of the Porgera Gold Mine will be a catalyst for continued growth post-COVID despite it currently being on hold due to a delayed stakeholder sign off on the Porgera Project Commencement Agreement and Shareholder Agreement.
Key implications of PNG’s recent CPI figures
The price of goods and services have continued to increase since the second quarter of 2021, with Consumer Price Index (CPI) rating closing the first quarter of this year at 6.9 percent – the highest level rating since 2010.
Hela Rural Development Foundation introduces Digital Donation
Hela Rural Development Foundation (HRDF) in partnership with BSP Financial Group Limited (BSP) has begun the shift to receiving digital donations on their website through the Online Payment Gateway system.
BSP Cash Agent saves Derim people K100 roundtrip
BSP Financial Group Limited continues to establish Cash Agents in the communities, reaching the unbanked and driving financial inclusion for people in rural communities.
BSP responds to clinic’s unspoken need
An unspoken need for maintenance by a clinic in Port Moresby was recently fulfilled, along with the 16,000 plus patients that it services annually, by BSP Financial Group Limited (BSP) Boroko Branch.
Ororo Thrashed Tokarara Primary in NCD BSP School Kriket Blast
The BSP Financial Group Limited’s (BSP’s) most successful junior sport development program, BSP School Kriket Program has accomplished its second quarter of the NCD School Kriket Blast at the Amini Park in Port Moresby today (Tuesday 21st, June, 2022).
Teaching Your Children to Save with BSP Kids Savings Account
Childhood is the best time to teach kids about money. Teaching your children how to manage their money from an early age could help them to develop a healthy relationship with money.
Jack’s of PNG Launches Online Store
Jack’s of PNG Retail Shop has now made available online payment for goods and services via the BSP Internet Payment Gateway.
BSP delivers Community Projects in rural schools
Blackout and power outage will no longer disrupt classes or printing of materials for classes at Lealea Primary School, thanks to BSP’s 2022 Community Project.
POM Nature Park and BSP Launch Trash to Treasure Festival
BSP Financial Group Limited (BSP) in partnership with Port Moresby Nature Park has launched the BSP Trash to Treasure Sculpture Festival in Port Moresby that will see 5 weekends of classic displays of sculpture created from trash.
BSP Continues Support to Cancer Foundation Program
BSP Financial Group Limited (BSP) is pleased to continue its support for the PNG Cancer Foundation (PNGCF) Trupla Man Outreach Prevention & Education Program this year with another K20,000.
BSP Go Green Campaign supports environmental initiatives
BSP Go Green Campaign began in 2009 as an environmental initiative under BSP’s Corporate Social Responsibility program that is promoted through BSP branches in PNG as well as offshore branches in the Pacific.
BSP Awarded ‘Homemade Product Competition’ Winner
Small and Medium Enterprises (SMEs) are also considered as the fundamental tool for economic growth; nevertheless, they face continuous challenges.
BSP Wabag Assist Yampu Health Centre
Yampu Health Centre in Wabag, Enga Province, is the latest beneficiary of the BSP Financial Group Limited (BSP) 2022 community project initiative in receiving essential medical equipment and a newly constructed waiting area for patients.
BSP FHOS loan continues to assist first homeowners
BSP Financial Group Limited (BSP) continues to assist Papua New Guineans acquire a home through its First Home Ownership Loan (FHOL).
BSP Reaffirms Support to 'Trash to Treasure Sculpture Festival'
BSP Financial Group Limited (BSP) has reaffirmed its support as naming rights sponsors for the 4th consecutive year to the Port Moresby Nature Park 2022 Trash to Treasure Sculpture Festival in Port Moresby.
BSP Cash Agent for Gaire Village
Gaire village now has a BSP Cash Agent. BSP customers in Gaire can now save K12 from the round trip to Port Moresby to perform basic banking transactions.
BSP Mobile Payments Transforming the Businesses in PNG
Small retail and hospitality businesses in Papua New Guinea are moderately engaging in the new approach of fast and transparent payment solutions through the BSP mobile banking platform *131# for an ease of payments.
Criminal activities forces BSP Padipadi Sub-Branch closure
BSP Financial Group Limited has closed its Padipadi Sub-Branch in Alotau, Milne Bay Province indefinitely, following an attempted armed robbery on Thursday 12th May, 2022, by a gang of up to 20 criminals.
UPNG Students Set to Pay Compulsory Fees Online with BSP Pay
Students at the University of Papua New Guinea (UPNG) can now pay for their compulsory tuition fees online at their convenience through the BSP Pay Online Payment Solution.
BSP Launch School Kriket Program
BSP Financial Group Limited (BSP) and Cricket PNG (CPNG) officially launched the global award winning junior cricket development program the, ‘BSP School Kriket’, at the Amini Cricket Park last Friday May 6th, 2022 in Port Moresby.
Daru Branch Closes Doors Due to Power Outage
BSP Daru branch was closed in the last 2 days, Monday 2nd and Tuesday 3rd May, 2022, due to ongoing and continuous power outages in the township.
BSP and Broncos launch 2022 Financial Literacy Program in NCD schools
“Saving a little bit of money can go a long way if you want to buy things in the future such as stationary, books, even a computer,” said Brisbane Broncos Ambassador and retired player Darius Boyd when launching the BSP Financial Literacy School Program today (Tuesday 3rd May, 2022).
BSP Mt Hagen First to Handover 2022 Community Project
BSP Mt Hagen Branch and Minj Rural sub branch kicked off the 2022 BSP community project initiative when delivering a new look duplex classroom with new desks, tables and two new Computers sets for students at St John Bosco Primary School in Minj, Gabngal Village, in Jiwaka Province.
BSP Insights: PNG FX Liquidity expected to continue growing into the half-year
Quarter one of 2022 Foreign Exchange (FX) market inflow momentum is expected to continue into the half-year, assisted by firmer commodity prices, end of half-year dividend flows and foreign aid, according to BSP Group General Manager – Treasury, Rohan George.
Global economy remains constrained
The global economy remains constrained by inflated commodity prices, lingering pandemic effects, and supply bottlenecks.
BSP delivers strong underlying financial result in Q1-22
Strong underlying business performance across the Group has resulted in an increased Q1-22 Group Net Profit After Tax, before deduction of the additional company tax, of K259m, compared to K203m for the first quarter 2021. However, the new K190m Additional Company Tax (ACT), which only applies to BSP in the banking sector, has had a significant negative impact on Q1 results, with Group profit falling to K69m after expensing the tax in full in the first quarter.
BSP: “Additional Company Tax” will deter further Foreign Direct Investment
The new Additional Company Tax introduced following the March 2022 sitting of Parliament, will ultimately increase uncertainty and reduce investor confidence in PNG, says BSP Group CEO Robin Fleming.
BSP Donates to Support PNG City Mission
BSP Financial Group Limited (BSP) continues to invest in local charities and non-profit organisations that are making a difference in communities where the bank operates in.
BSP Staff Share Experiences on the Bank Merger, 20 years on
In 2002, the Papua New Guinea Government declared plans to transfer banking operations of PNGBC to the successful bidder, Bank South Pacific Limited (BSP), now known as BSP Financial Group Limited (BSP).
BSP Supports Life PNG Care Inc. Educate 500 Children
BSP Financial Group Limited (BSP) is pleased to support Life PNG Care Inc. with K10,000 towards its special education support program - Strongim Pikinini Education Program (SPEP) this year.
BSP celebrates 20 years of privatisation this month
BSP Financial Group Limited (BSP) is commemorating its 20th anniversary of the privatisation of the former Papua New Guinea Banking Corporation and amalgamation with BSP on 9th April, 2002.
Digitising Reconciliation in the Payment Landscape
Over the last decade, the PNG market has been organically transitioning from an analog to an increasing digitally inclusive market. Our customers are transitioning to digital and self-serve banking practices reflected in the 90% of all bank customer transactions processed through a Digital Channel and a positive reflection of the growing appetite for online payments and increased customer demand driving the need to continuously enhance our services.
Ticket Bilum Embrace BSP eCommerce
Technology developed by innovative Papua New Guineans are revolutionising the way things are done in PNG, from shopping online for groceries and market produce to selling digital products.
BSP Acquires Naming Rights to Pora Oval
BSP Financial Group Limited (BSP) is now the naming rights sponsor of the home of the Sepik Pride Rugby League Football Club (SPRLFC), the Pora Oval, in Wewak, East Sepik Province.
BSP Mobile Payment reaches Aitape-Lumi – Melu Brush Cutters
Majority of the population in PNG live outside urban areas with limited access to basic infrastructure like banking services, transport, electricity and affordable access to nearest towns.
BSP warns of third party VISA Debit Card scams
BSP Financial Group Limited has reported an increase in scam related activities involving BSP’s Classic VISA Debit Card being used offshore by unknown third party individuals.
Community & Service News
The latest company information for BSP customers, media and general public.