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BSP Remains Committed to Supporting Rural SMEs

Wednesday, July 14, 2021

Rural small businesses are an integral part of local economies and communities. While rural communities need financial services the most, they remain the largest unserved market most times.

In the moorlands of West Sepik Province in Lumi District, a rural small business trading as Sauye Trading, owned  and operated by a  local woman, Joanna Sauye, is one of the successful small trade store business serving the rural populous of Lumi.   

Joanna has been operating her local trade store for over a decade since seeking financial assistance from BSP Financial Group Limited (BSP) SME loan product.  Recently, in the hopes to expand its trading, Joanna reached out to BSP Aitape again to assist in growing and expanding her trading services.  

On 6 July, 2021, The BSP Aitape Branch team led by the Team Leader -Stanley Seimoni visited the local business owner to have her sign her approved loan documents for financial assistance. While there, they also initiated the business as a new BSP Cash Agent in the district.

Commenting on the trip Stanley said, “Delivering banking services in the remote areas is truly challenging. It was a long and uncomfortable two days road trip across an 8,000km rugged road. Despite spending a night after being bogged down on the road for 6 hours, we arrived at the site safely a day after. We were exhausted but happy to be among the locals to take pride in what do.”

Director and owner of Sauye Trading, Joanne Sauye overwhelmed by BSP’s team effort in travelling the rugged road to show up at the local community said, “Your enthusiasm showed us that we are important to you, especially the localhere. You have earned the community’s respect and most of all your customers trust,” said Joanna.

“I am privileged to be part of a true local bank and appreciate the banks support in growing my business. It will help me develop and expand my business plans on a road to success,” she added.

Prior to visiting Sauye trading, BSP Aitape Branch  also conducted the largest Financial Literacy Training to 78 revival church members this year  in Waunini Village in Aitape, and in early June, travelled a 15 hours’ drive to Yangkok LLG in the Nuku District, to launch a new BSP Cash Agent- K-Twelve Revive Trading  owned by a local named Kotex Marius.

Small and Medium Enterprises (SMEs) are considered as the fundamental tool for economic growth, nevertheless, they face continuous financing challenges. BSP believes that financial inclusion can unlock the considerable economic potential of rural areas, and benefit the rural populous by integrating access to banking services through Rural SMEs.