Bank clarifies deposit policy

BSP Financial Group Ltd (BSP) accepts almost 8,000 deposits a day for customers with deposits less than K1,000, group chief executive officer Robin Fleming says.
Fleming reiterated that the bank did not impose a K1,000 cash deposit acceptance limit at any of its branches.
“Over the course of the first two weeks of August, BSP processed 1,820 deposits a day across its retail branches with an average deposit amount of K4.6 million per day for deposits for our Kundu Account customers in the range of K1,000 per deposit to K20,000 per deposit,” he said.
“The average number of daily deposits by our retail kundu account customers is similar to transaction activity levels in previous months this year and the same period last year which indicated that in the majority of cases cash deposit over K1,000 were continuing to be accepted by BSP.”
“In respect of the informal sector, cash deposits for customers known to be in the informal sectors be it coffee, cocoa, vanilla, fish, market produce, betel nut, bilums, garments and the like are accepted if it is consistent with the customers’ known source of income.”