BSP service thriving in East Sepik
The thriving Sepik Economic Zone makes BSP Financial Group Limited’s Wewak Branch one of the top five SME loan portfolio branches in the PNG Market.
East Sepik’s BSP Wewak branch has been in operation since 1977 and while the province’ s economic activities has picked up in recent years since the establishment of the Sepik Economic Zone, so has BSP SME products offering.
Wewak Branch Manager Robert Jomino said Financial Literacy Training in the province has also picked momentum because of agricultural development and business opportunities but the service that “stands out in East Sepik is our SME Loan products which is on demand.”
Mr Jomino said given the Sepik Plains is now a thriving economic zone, BSP’s services through its SME loan product and in particular, the Credit Enhancement Scheme is essential in the area.
BSP has been offering SME products through its branch networks across the country since 2012 and with the Government funded Credit Enhancement Scheme of K100m allocated to BSP in October last year, the bank through its branches continue to make the product more accessible to the public.
BSP recently reduced its equity requirement from 30 percent to 10 percent while increasing its funding threshold from K3 million to K5 million.
BSP Wewak and Aitape Branches donate relief items including water tanks to the Kadova Biem volcano victims in 2018.
Head of SME Jeffrey Singer while speaking on the Nasfund FM100 show this week explained that, “Equity contribution does not necessarily have to come in cash, it can be derived from the value of assets as well, and the increase on the funding threshold to K5m further improves access to finance for SMEs.”
The Wewak Branch services customers from as far as Ambunti-Drekekir, Wosera- Gawi, Angoram, Maprik and Yangoru- Saussia. Last year the Yangoru Sub-Branch was upgraded to a Hybrid Branch after 7 years of operation, offering more banking services to the people of Yangoru-Saussia District and in particular the Sepik Plains.
And like all other areas were BSP operates in, each branch including the Wewak Branch gives back to the communities in operates in through worthy annual Community Project initiatives.
The Kreer SDA Elementary School, in Wewak will receive some much needed refurbishment to one of its classroom building, courtesy of BSP Wewak Branch through its annual Community project. Construction work has commenced on the classroom which is being refurbished at K30,000.
Last year BSP established St Andrews Technical Vocational School’s Computer Laboratory donating seven Computer sets including two Printers for its Library. Since 2009, BSP has invested K275,000 through the delivery of 12 Community Projects by BSP Wewak Branch covering education, health, and community including disaster relief to the Kadovar Biem volcano victims.