BSP continues to enhance banking services

BANK South Pacific (BSP) continues to enhance access to banking services for businesses and customers through alternative contactless payments.
BSP general manager for digital, Nuni Kulu said the bank’s recently endorsed electronic transactions Act (ETA) provided, at minimum, assurance and certainty on the legality of digital transactions, which would influence business’ trust for digital transactions.
Kulu said in addition to the private sector, who had a pivotal role in driving digital adoption in the country, the Government needed to fast track the application of a national standard for development of the appropriate legal frameworks to govern the advancement of a digital-PNG market.
“Businesses should be looking to align the required legal and business infrastructure necessary to implement a secure digital commerce marketplace,” Kulu said.
“PNG consumers are accustomed to a cash-dependent payment ecosystem.
“Everyday payment for transportation, purchase of fresh produce at local markets, and tithes at churches, are heavily cash based.
“Financial inclusion programmes remain the critical link to reach the unbanked, comprising of over 70 per cent of the current population and to influence Papua New Guineans to transition from cash to a digitally inclusive market.
“BSP’s commitment to driving digital adoption is to ensure the majority of the population is reached and can participate as consumers of a digital service.
“BSP is a strategic digital enabler in the region and continues to have a strong focus on digital solutions.”