BSP warns retailers about fees

Business

IT is illegal for shops and trade stores operating Eftpos and cash agent machines to charge customers using their Kundu cards for shopping and to check their balances.
Similarly, people are warned never to give their Kundu cards to dinao man (illegal loan agents) or disclose their PIN.
Bank South Pacific provides Eftpos machines and related accessories free of charge in an agreement with cash agents and shops, said BSP Lae market sales leader Angeline Hulala and Branchless banking sales officer Briske.
They said that the Kundu card was the property of BSP and if it got lost or money in the account was stolen by dinao man, the bank could not help.
Hulala said it was against the agreement between BSP and the shopowners for fees to be charged.
“Instead, shops and cash agents are merely custodians, they never pay anything to own the equipments that gives them the right to charge customers. No,” Hulala said.
The bank staff were told that some shops were charging K4 for shopping and K1.50 to check the balance. Cash agents in rural areas were charging K10.
“All Eftpos machines, tablets and related accessories are given free of charge by BSP upon agreement to help shopowners provide efficient services while improving their businesses,” Hulala said.
“It is illegal and against the agreement with BSP for shopowners or trade stores to charge customers for using their Kundu cards.”
She said customers should let BSP know of cases of abuse.
Kaumi said shops and traders found to be abusing the system would be warned twice followed by a final warning letter. Continued breach of the agreement after that would result in the removal of the equipment.

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