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June 22, 2021
Featured Finance News

BSP Financial Literacy Program Reaching over 129,000 People

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over 129,000 people in PNG have received Financial Literacy Training and Banking Education through Bank South Pacific (BSP) over the last 5 years and as of 1st April 2019.

In announcing this, Group General Manager Retail, Paul Thornton, said; “Financial Literacy and Banking Education is an important part of BSP’s contribution to the communities we operate in and it is important to note that out of the 129,474 people our trainers reached, 48% of them are female.”

BSP Group General Manager, Paul Thornton


Since inception in October 2014, the program aims to educate the community on how to manage money and helps them to use the appropriate banking products and services.

Mr Thornton added that the program has reached numerous communities including some of the most remote areas in PNG.

BSP Customer with a Kids Savings Card, one of BSP’s fee-free account.


“BSP has over 130 qualified Financial Literacy Trainers who are based in all BSP branches in PNG and the bank continuously invests in certifying Financial Literacy Trainers to be able to carry out this program. These Trainers facilitate and deliver training to all BSP branch networks, including out-of-branch settings such as local communities, church groups, associations, universities, government institutions, and private sector corporations,” said Mr Thornton.


Financial Literacy Training in Lae, Morobe Province.


Mr Thornton also added that BSP will also continue to champion Financial Inclusion with these program including suitable products and services with BSP’s fee-free accounts, whereby more BSP customers in PNG do not have to pay monthly fees and earn higher interest on their savings.

In 2018, BSP opened over 200,000 retail customer accounts and last year over 1 million customers used their Kundu Cards to make payments. “And we will continue to ensure the basic banking services reach the ‘unbanked’ through our network of 46 branches, 43 sub-branches and our 372 agents in PNG,” concluded Mr Thornton.


Source: Bank South Pacific (BSP) 

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