BSP Launches Wantok Wallet to Reach Nine Million Unbanked Papua New Guineans
The Bank of South Pacific Financial Group Limited (BSP) has unveiled its Wantok Wallet product, designed to extend banking services to approximately nine million unbanked citizens in Papua New Guinea.
BSP Group chief executive officer Mark Robinson highlighted that the initiative was part of the bank's ongoing efforts to enhance financial inclusion across the nation. He emphasized that Wantok Wallet was aimed at narrowing the gap in banking access, especially in rural and underserved communities.
 |
| BSP Launches Wantok Wallet to Reach Nine Million Unbanked Papua New Guineans |
Robinson pointed out that although the country's population exceeds 11.7 million, only about 25 per cent currently utilize formal banking services, leaving around 8.7 million people without access. He noted that BSP, being the leading financial institution in PNG, serves 2.6 million customers and is aware of the growing demand for accessible digital banking solutions.
With mobile phone penetration estimated at around four million users, Robinson stated that BSP saw an opportunity to address the financial exclusion issue through Wantok Wallet. He explained that the product allows users to withdraw cash from BSP ATMs and cash agents without a physical bank card, relying instead on a one-time password delivered via mobile banking.
According to Robinson, this innovation enables customers to approach any of the bank's over 300 ATMs, input their mobile number and a received code, and access their Wantok Wallet funds for withdrawals. He added that Wantok Wallet is accessible to all mobile phone subscribers, expanding the bank's reach beyond its existing BSP mobile banking *131# user base.
Retail bank programme manager Penelope Aisi announced a 14-day promotional campaign to encourage uptake, stating that two winners would be selected daily to receive K500 each. She explained that customers could enter the draw by activating their Wantok Wallet and completing a transaction, such as transferring funds or making a withdrawal. Winners would have their prize money deposited into their Wantok Wallet accounts, with results disclosed via BSP's social media platforms.
Watch video here on how to use wantok wallet >> Video on Wantok Wallet
Also read
Post a Comment