Bank South Pacific’s growth over the past five years has seen Papua New Guinea benefit
Bank South Pacific’s growth over the past five years has seen Papua New Guinea benefit from a total dividend payment of K444,877,422 million according to chief executive officer Robin Fleming.
Fleming said the increased dividends to all shareholders including Kumul Consolidated Holdings, had been the result of the increase in BSP’s group profit over the past five years, according to the National Newspaper.
He attributed BSP’s group profit increase to the following factors;
· Increase in market share for lending from 45 per cent five years ago to 63 per cent now
· Increase in profit contributions from BSP’s Pacific businesses, which now provide almost 20 per cent of the group’s profit
Kumul Consolidated Holdings owned about 18% of BSP and over the past five years had received a total of K116,191,888 million in dividend last year.
Bank South Pacific has enhanced its BSP electronic funds transfer at point of sale (Eftpos) devices payment capabilities to accept contactless payments.
This enhanced capability was recently demonstrated by retail general manager Paul Thornton, who used his smart watch to make a purchase via the BSP Eftpos device.
BSP Eftpos devices accept payments via the near field communication (NFC) mobile payment service technology, which gives customers the option to carry out contactless payments through the use of wearables or smart phones. NFC technology is used worldwide.