6 Feb 2015

Break-ins force BSP closures in rural PNG

3:24 pm on 6 February 2015

Over the past 12 months, Bank of South Pacific has had to close eight rural branches in Papua New Guinea due to break-ins.

Branches have recently closed in a number of provinces including Morobe, Eastern and Western Highlands, East New Britain, Chimbu, Enga and Jiwaka.

BSP has just announced its latest closure, the Walium branch in Madang Province, also as a result of a break-in.

The bank says it promotes rural banking and financial inclusion for the benefit of communities and to bring more people in remote areas into the formal banking sector.

But in a statement BSP says unfortunately these efforts are being frustrated by a small number of people.

It says staff and property safety are fundamental requirements for the bank to operate its services in Papua New Guinea.