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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.
BSP & BbP Celebrate Partnership Anniversary
Access to quality childcare and education can have a remarkably positive impact on children, especially for those children who face developmental, physical or economic challenges.
BSP Partners with SP PNG Hunters
BSP Financial Group Limited (BSP) is expanding its commitment to sports through its latest partnership with the SP PNG Hunters Rugby Football League Team by becoming a new sponsor for 2022 season in the Queensland Cup.
BSP opens upgraded Palmalmal Branch in Pomio
In demonstrating its continued commitment to improving traditional branch-based services to customers in every province in PNG, the upgraded BSP Palmalmal Hybrid Branch in the Pomio District of East New Britain Province was opened on Friday 4th March, 2022.
BSP Continues Support for Sir Theo Foundation
BSP Financial Group Limited (BSP) has upheld its support for another two year donation deal to Sir Theo Foundation for year 2022 - 2023 as a diamond sponsor of the charity programme.
NCDC goes online with BSP Pay
After registering for BSP Financial Group Limited’s (BSP) Mobile Merchant payment solution in December 2021, NCDC has again registered for BSP Pay, another innovative non-card based online payment solution which enables BSP customers to pay using their BSP ID and a registered mobile number.
BSP Reels in K20, 000 for 45th Game Fishing Titles
BSP Financial Group Limited (BSP) has reaffirmed its support for the 16th year as a platinum sponsor of the 45th National Game Fishing Titles to be held in Madang, on April 8th – 18th, 2022.
BSP Donates K10, 000 to Kidney Foundation
BSP Financial Group Limited (BSP) continues to commit to investing in lives of Papua New Guineans when donating a cheque worth K10,000 to PNG Kidney Foundation Inc. today (Wednesday 23RD February,2022) to support its operations in the country.
BSP Reduces Kundu Package Account Fees and Cash Handling Fees on Withdrawals, and removal of cash handling fee for Deposits
BSP Financial Group Limited (BSP) has today announced further changes to its fees, which will result in a lower cost of banking for many of BSP’s customers. 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 delivers strong financial results in 2021, with net profit after tax of K1.075 billion
BSP Financial Group Limited (BSP) today announced a net profit after tax of K1.075b for the financial year ended 31st December 2021. The result was driven by the release of COVID-19 provisions, good foreign exchange revenue, and strong transaction volumes across all markets.
BSP Warns EFTPoS Merchants on Extra Fees
BSP Financial Group Chief Executive Officer, Robin Fleming, has raised concerns over additional EFTPoS fees charged to BSP and other bank Cardholders by BSP EFTPoS Merchants for purchases, cash out and balance checking.
BSP to open new branch in Mt Hagen
In strengthening its foothold and branch based network expansion to accommodate the growing number of businesses and personal customers in Mt Hagen, a new BSP branch will be opened for its Mt Hagen customers in the Dobel area, Western Highlands Province.
BSP Swirls in 30,000 for Hiri Moale Festival
BSP Financial Group Limited (BSP) has swirls in K30, 000 to the Motu Koita Assembly (MKA) as silver sponsors of the 2022 prestigious Motuan cultural event, the Hiri Moale Festival.
BSP Urges Schools to Accept E-Receipts
BSP Financial Group Limited (BSP) is advising schools registered as Mobile Banking School Merchants in the country to accept legitimate e-receipts provided by parents to ease the burden of queues in branches and improve schools’ operational efficiencies.
BSP General Manager Digital on Digital Insights
At a glance of 2021, projected recovery announcements soon dissipated with the emergence of the second wave of COVID-19 Delta Variant and further prolonged the financial and social impact to the PNG Economy, as the country experienced a very low uptake of Covid-19 vaccination rates. Whilst the market continues to experience negative impact from the COVID-19 Pandemic, positive highlights were the opportunities encountered for digital innovation and growth within the financial industry.
Businesses Confident in Investing in PNG and South Pacific
“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,” says BSP Group General Manager Corporate Bank, Peter Beswick.
Rabaul Rugby team kicks off 2022 with K40, 000 from BSP
The Rabaul Rugby Schools Select Side (RRSSS) team will kick off its 2022 season with a K40,000 sponsorship boost from BSP Financial Group Limited (BSP).
Foreign Exchange Turnover up by 9.8 percent
Foreign Exchange (FX) liquidity and the Kina performed well in the final quarter of 2021, with strong commodity prices supporting the FX market turnover’s rise by 9.8 percent over the past six (6) months.
BSP responds to health concerns over queues
BSP Financial Group Limited (BSP) having the biggest customer base in the country ensures Covid-19 protocols are implemented internally amongst its staff and externally to customers.
PNG’s Economy Expected to Rebound in 2022
Papua New Guinea's economy is expected to grow by 5.4% in real term in 2022 following a muted recovery of 1.5% in 2021, according to National Budget estimates.
BSP Daulo Sub Branch Closed Due to Robbery
BSP Financial Group Limited (BSP) Daulo sub branch in the Eastern Highlands, has been robbed on Saturday 22 January 2022. This makes it the third incident in its 12 years of operations.
BSP Saturday Banking for ‘Back-to-School’ needs
With less than 2 weeks to go before the 2022 academic year starts, BSP Financial Group Limited (BSP) will recommence its half-day Saturday Banking services starting this Saturday 22nd January, 2022, for school and tertiary intuition fee related deposits.
Female Papua New Guinean as Country Head for Offshore BSP Branch
BSP Financial Group Limited (BSP) continues to build its greatest asset, its People, through mentoring and building professionals to lead the biggest bank in the Pacific.
BSP staff show core value in the community through donation
A fitting yet timely donation, showcasing one of BSP Financial Group’s core Value - Community, was displayed this week by BSP Staff at the Port Moresby General Hospital(PMGH).
BSP assists WeCare Foundation kids
Smiles and laughter was the scene at the BSP Waigani Head Office as children from WeCare Foundation excitedly receive early Christmas gifts donated by staff and families of BSP Financial Group.
NCDC offers Mobile digital payments
The National Capital District Commission (NCDC) has registered with BSP Financial Group Limited (BSP) as a Mobile Banking Merchant to offer digital mobile payment for NCDC Services in Port Moresby.
BSP increases borrowing limit for Unsecured Personal Loan
BSP Financial Group Limited is pleased to announce the increase of the maximum borrowing limit for its unsecured Personal Loan product to K75,000.
BSP Wades in K10, 000 for Huhu Canoe Festival
“People and culture plays an integral part in strengthening community and business relationships,” says BSP Alotau Branch Manager Martin Gilo, when presenting a cheque worth K10, 000 to the Huhu War Canoe Festival Committee (HWCF) for the upcoming canoe festival.
Response to regulatory action by the FASU within the BSPNG
A Formal Warning was issued to the BSP Financial Group Limited (BSP) by the Financial Analysis and Supervision Unit (FASU) on 12th July, 2021. The Formal Warning was issued after an onsite review conducted on 23rd October, 2019.
Over K115m funded under the SME Credit Enhancement Scheme Loan by BSP
Well over 2000 Small to Medium Enterprises (SMEs) have applied for loans under the National Government supported loan facility, the SME Credit Enhancement Scheme Loan (SME CESL) through BSP Financial Group Limited (BSP) with over K115m funded as at 15th December 2021.
BSP supports Hope for Poor Kids care
BSP Financial Group Limited (BSP) as a community and people’s bank is pleased to give back to the community and assist children currently under the care of the Hope for Poor Kids Care Home at Hohola in Port Moresby.
Reaching new heights with Air Niugini
Air Niugini Limited in join partnership with BSP Financial Group Limited (BSP) are the first to launch a 100% PNG made online payment solution on Wednesday, 17th November 2021.
BSP leading financial inclusion in PNG
“As we observe the International Day of Banks on Saturday 4th December, 2021, BSP Financial Group Limited (BSP) as the biggest bank in Papua New Guinea remains committed to financial inclusion and nation building in the respective countries we operate in,” said BSP Group CEO Robin Fleming.
Community & Service News
The latest company information for BSP customers, media and general public.