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BSP Reduces Top-up and EFTPoS Withdrawal Fees

Monday, May 3, 2021

BSP Financial Group Limited has announced a reduction on service charge and fee on Mobile Banking EasiPay Topup and Branch EFTPoS withdrawal by 50% respectively to enable even further affordable access for its customers.

Effective as of Friday 30th April, 2021, BSP customers will benefit from the reduced service charge on Banking EasiPay Topup from K0.50 to K0.25 and Branch EFTPoS withdrawal from K4.00 to K2.00. Both reductions have been made to encourage greater utilization of digital channels, which provide greater convenience and cost effectiveness.

According to BSP Financial Group Limited CEO Robin Fleming, BSP has not increased its fees since 2014 and has in fact reduced many of its fees over that time. Mr Fleming stated “BSP has foregone in excess of K50m in fees annually as result of its fee-reduction initiatives. The bank has made a conscious decision not to pass on any increased costs to customers and we have made every effort to reduce fees and ensure customers are provided with a cost-effective product that suits them”

BSP Group General Manager Retail Daniel Faunt added that “whilst other banks in the country claim to be offering fee free accounts, the reality is that BSP has had its fee free Kundu accounts available to its customers since 2012.” The Kundu Standard account does not carry a monthly fee and customers only get charged for what transactions they may do. The Kundu package accounts provides the customer to access an unlimited range of services for one monthly fee of K9.50.

Mr Faunt further added that “customers should carefully assess their options by reviewing the fees and charges of each of the banks to ensure they are receiving what they are seeking. BSP’s current Fees and Charges are available on its website.

BSP will continue to make banking more accessible, cheaper and safer for its customers and will be making further announcements in due course.