BSP’s recent action to increase its fees for its services has little to do with competition or streamlining but more out of sheer greed.
I do not think the regulators or the government should just fold their hands and allow this latest action by BSP to go unchallenged.
The decision to increase the fees is absurd and borders on daylight robbery.
It is our money and the banks are mere custodians.
Why should we be charged every time we touch or even take a look at our money (check our balance)?
The government or the treasurer, who is a highly educated man, should introduce legislation to stop this sort of robbery by BSP or any other banks in PNG.
I think the Central Bank should allow more competition into the PNG financial market.
It should allow more banks or financial companies to provide banking services to the people.