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BSP leading financial inclusion in PNG

Friday, December 3, 2021

“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.

Mr Fleming said being the leader in not just the banking sector in PNG, but a corporate leader in the non-mining sector, BSP has grown over the years and has immensely contributed to PNG economically and socially. “We are in all the provinces of PNG. Apart from that, no other banks operate in 21 of these locations in PNG.”

The BSP GCEO added that BSP not only provides banking services to its customers, but has contributed to banking education programs, community projects, and most importantly to its shareholders by way of dividends.

 “PNG Government’s Kumul Consolidated Holdings, being one of the biggest shareholders of BSP has received K8 billion in dividends since the amalgamation of BSP and PNGBC in 2002. Contributions in the last eight years alone amounts to K800 million and as we observe the International Day of Banks on 4th December, we must highlight the achievements and services BSP as a bank provides,” said Mr Fleming.

The International Day of Banks was created by the United Nations, aimed at highlighting the role banks play in financial inclusion, sustainable development and in reaffirming the importance of reaching the Sustainable Development Goals.

“To continue driving financial inclusion in respective communities we operate in, BSP will continue its Financial Literacy Programs that has reached over 230 communities and organisations with over 150,000 participants since the inception of the program in 2014,” added Mr Fleming. Photo: BSP Group Chairman Sir Kostas Constantinou presenting Financial Literacy Training certificate to Roberta Sape of Tusbab Secondary School in Madang.

BSP has over 140 qualified Financial Literacy Trainers in its branches across PNG. These trainers have conducted Financial Literacy Programs to close to 34,000 individual participants in the last 3 years and of which close to 50% of these participants are women.

“Through this program, we have reached schools, churches, organised community groups, businesses, and corporate organisations,” said Mr Fleming.

Mr Fleming said that BSP is committed to reaching the unbanked and expanding its services to cater for the growing customer base.

 “Proof of our commitment this year is seen in the opening of Koroba Branch in Hela Province, expanding our branch at Namatanai, New Ireland Province, reopening of the Kerema sub-branch in Gulf and continuing our operations in our branches in Aitape, Moro, Porgera, and sub-branches in Telefomin, Buin, and Wakunai among others,” reiterated Fleming.

“BSP is not just a bank. We have also supported the development of PNG townships and communities through our annual community projects in health, education, sports, and culture.

Treasury BU Community Project Handover Tatana Village

Since 2009, BSP has delivered 529 projects worth over K13 million in PNG as part of our Corporate Social Responsibility undertaken by each branch, each Strategic Business Unit, and each of our subsidiaries in the communities we operate in,” said the BSP chief.

Mr Fleming concluded acknowledging all who have supported BSP in its achievements over the years. “To our valued customers, our staff, our shareholders, and the communities we operate in thank you for your continuous support. We wish you a safe Christmas and a happy 2022.”