BSP Cash Agent saves Derim people K100 roundtrip

BSP Financial Group Limited continues to establish Cash Agents in the communities, reaching the unbanked and driving financial inclusion for people in rural communities.

The people of Derim in Deyamos rural LLG, Kabwum District of Morobe Province travel two hours on a PMV to the nearest BSP Sub-Branch at Kabwum station to access basic banking services.

BSP Lae Top Town Branch recently commissioned Modu Trading as a BSP Cash Agent in Derim village, a service that will save the people a K100 roundtrip to Kabwum station for banking transactions.

Owner of J Mondu Trading, Mr George Honeta said; “As an Agent for BSP, I wanted to assist the communities by providing banking services here to minimize their cost of travel to nearest BSP Sub-Branch at Kabwum. Normally it takes two hours’ travel by PMV and costs K100 both ways trip from Derim to Kabwum for banking transactions. The people of Derim have had such a hard time traveling to Kabwum BSP sub Branch and Lae Branches to do withdrawals and deposits. Now that we have a Cash Agent in Derim Station, it will make it more convenient for the people of Derim Station to do deposits and withdrawals. No more traveling to the branches to access these services,” added Mr Honeta.

Lae Top Town Branch Manager Bevilon Homuo said the services would now help make it easier for local businesses and people to do deposits and withdrawals on site. “Our branch team will do regular visits to open new accounts and register customers on mobile and internet banking. There is no need for you to spend K50 on PMV to travel to Kabwum or K300 by plane to Lae to do your personal banking transactions. You can do it here at Derim”. She said.

BSP Lae Top Town Branch now has 11 active Cash Agents operating in parts of Morobe Province. The Agents are issued wireless EFTPoS terminals or devices by BSP. This enables the Cash Agents to facilitate basic card based transactions like real-time cash deposits, withdrawals and funds transfer.

BSP is the first to use technology to deliver innovative banking services to the most remote rural areas in PNG. Through an expanded network of Sub Branches, Agents and Payment Processors, and in collaboration with local communities, BSP is delivering the very best banking services for a range of diverse customers – at their doorsteps.

BSP has 193 Agents operating across 22 provinces in PNG providing unlimited access to financial services, especially for the unbanked population. This banking system operates with the help of agents who conduct basic financial transactions on behalf of the bank.