BSP closes Rural Branches

Over the past 12 months, Bank of South Pacific (BSP) has had to close eight (8) rural Branches due to break and enters, totalling a period of approximately 630 days.

Zenag, Okapa, Kerevat, Banz, Tambul and Minj Branches have all experienced temporary closures with Tabmul later closing permanently.  Gumini and Laiagam Branches were permanently closed in 2013.

Today unfortunately, we must announce that Walium Branch in Madang Province has been closed indefinitely, also as a result of a recent break and enter.

Rural banking access is vital for people in remote areas.  These BSP Branches provide primarily Key Card and Electronic/Mobile banking transactions so very little cash is held on premises.

Without these rural Branches customers have to travel long distances at considerable cost to themselves to do banking in major towns.

BSP promotes rural banking and financial inclusion for the benefit of communities and to bring more people in remote areas into the formal banking sector.  Unfortunately these efforts are being frustrated by a small number of people.

BSP asks that the local people and leaders of these communities take ownership, in a law abiding way, and work with government and law enforcement authorities to ensure law and order in Walium and all regions where banking services are provided is guaranteed.

BSP Staff, Branch and property safety are fundamental requirements for BSP to provide (or continue to provide) Banking Services in anywhere in Papua New Guinea.