BSP to boost services

Business, Main Stories

The National – Monday, February 14, 2011

THE Bank South Pacific is embarking on new services and programmes designed to bring convenience and accessibility to over 600,000 of its kundu card holders.
With the aim at raising this number to over one million users by end of next year, BSP was focusing now on improving retail banking and network strategy by coming up with new marketing and innovative programmes.
BSP chief executive Ian Clyne said last Thursday all improvements and programmes that were currently taking place or will soon be realised were aimed at giving customers, clients and shareholders the confidence to keep on banking with BSP.
He said they were currently rolling out the BSP rural programme in rural centres, which, in 18 months, should see over 100 agencies set up in PNG.
Clyne explained that the cost of one agency is K200,000, inclusive of infrastructure and equipment needed for the set up and smooth running.
He also said BSP, through its various programmes, was operating on losses in all its strategies to improve the banking system in PNG.
He said this meant that the monthly fees that are charged from customers would still carry on to maintain all 37 branches and four new branches in Tari, Arawa, Harbour City and Vision City.
This could be seen in the recent opening of the Porgera BSP branch which cost more than K3.5 million.
Clyne said he personally hoped that one day, all services and electronic transactions would be automatic, thus reducing the upkeep costs and effectively getting rid of the monthly costs.
He explained that with most of their monies coming from corporate bodies and high income earners, BSP was obliged to give back to society which they do so in sporting sponsorships.
He said K3 million was being spent every year on sports development for children through cricket, tennis and other such programmes.
He said any profit made out from all the improvements is re-invested into the bank to continue the role they play in society and the banking system.