BSP Financial Group Ltd (BSP) says it is pleased with its partnership with government and Post Fiji to provide transactional banking services to rural communities that include many maritime islands as far as Rotuma, Ono-i-Lau, Lakeba and Kadavu.
In a press release yesterday, the bank said that although this business segment is not profitable and subsidized by other divisions, BSP is committed to its financial inclusion strategy for the rural unbanked population, compliant to its value of “Community and Vanua”.
BSP made the statement in response to media reports of rural banking fees paid to BSP by the government as part of an agreement to provide banking services to rural communities through post offices and agencies. Post Fiji.
In its statement, the bank indicates that under this agreement with Post Fiji for rural banking services, BSP receives $ 3.52 per transaction from the government, as correctly stated by Attorney General and Minister of Economy Aiyaz. Sayed-Khaiyum in Parliament last Wednesday.
“These 3.52 dollars paid by the government are divided between BSP and Post Fiji. BSP keeps $ 1.00 (28 percent) and spends $ 2.52 (72 percent) to Post Fiji for using its infrastructure to bring banking services to rural communities.
Therefore, BSP receives only USD 1.00 per transaction to support and modernize its electronic capabilities to support rural banking services.
BSP assures the government and rural communities that it remains committed to this banking service. “