As of 1st May, 2023, seventy-five percent of funds have been repaid by BSP customers who have overdrawn their accounts in April, with an outstanding balance of less than K2.0m expected to be repaid over the next few weeks.
This was officially announced by Chief Executive Officer of Bank South Pacific, Mr Mark Robinson.
BSP Group CEO Mark Robinson said, “customers who experienced an issue with their account balance, we have now verified all accounts and confirmed account balances are correct.”
According to Mr Robinson, on Friday 7 th April, some customers withdrew funds from their accounts at ATMs and EFTPoS, after a technical error caused some available account balances to be incorrect. This resulted in approximately 36,000 customer accounts being overdrawn.
BSP did not deposit any funds into the impacted customer accounts.
The total amount of the outstanding overdrafts was K7.9m. When this situation arose, BSP announced that customers could repay these funds without interest or penalties.
Mr Robinson said, “this situation arose because of a short-lived technical issue related to our new Banking System implementation. I am pleased to say that our customers are fully cooperating with us when they are informed of their overdrafts and most have since repaid any outstanding amount.
“Furthermore, I can confirm that our Banking System has not been hacked and is continuously being monitored to prevent any outside interference.”
Mr. Robinson said “after three weeks from the implementation of our new system, the number of technical issues impacting some of our banking services has substantially decreased, as our dedicated team of specialists and vendors prioritize the remediation of known issues and implement additional process improvement measures”.
Customers in rural areas, are advised to reach out to the nearest BSP branch, sub- branch or Hybrid branches if you have any issues.
BSP would like to reassure customers that most of the technical issues impacting the availability and delays to banking services have been resolved. BSP is committed to improving its service standards and thanks customers for their patience and understanding during this recent transition period to its new Banking System.
