“Financial inclusion has always been a priority of BSP Financial Group Limited (BSP), as it not only promotes economic growth but it also ensures that growth is widely spread,” said BSP Group CEO Robin Fleming.
Proof of BSP’s commitment to its customers is seen in the recent opening of Koroba Branch in Hela Province, a larger sub-branch at Namatanai, New Ireland Province in July and the September reopening of the Kerema sub-branch in the Gulf.
In the BSP Pacific Economic and Market Insight Q3 2021 Report, Mr Fleming said BSP chooses to tackle the challenges facing financial inclusion head on because a significant portion of PNG’s population live in remote areas that are being left out.
“The bank is actively working to open new banking centres in Eriku, Lae and Mt Hagen to improve service levels for BSP’s growing customer numbers. We are the people’s bank; we will continue to deliver essential banking services in those areas that other banks do not go, like Aitape, Moro, Porgera, Kainantu, Arawa, and Koroba, reaching the unbanked and giving back to communities. And we welcome everyone to join us in getting to work to advance financial inclusion,” Mr Fleming added.
The report stated PNG’s 2021 forecast growth has been revised, following improvements in the large mineral and petroleum industries, especially at a time when the State, Kumul and Barrick are progressing with the Porgera commencement agreement, which is currently in its final stages.
“The recent outcomes in commercial discussions with extractive project developers is a boost to business confidence. As when these projects come online, economic growth will inevitably receive the much needed boost following the recent downturn in economic activity,” Mr Fleming added.
The PNG Kina has however remained unchanged against the US Dollar for a third consecutive quarter, while foreign reserves at the end of June 2021 shows a 7% quarter increase off the back of favourable inflows.