Bank South Pacific (BSP) has launched a standalone Business Bank unit in Port Moresby, reaffirming its strategic commitment to modernising financial services and supporting the growth of small and medium-sized enterprises (SMEs) across Papua New Guinea.
The BSP Business Bank, officially opened at the Gordons Commercial Centre, is designed as a dedicated platform to serve the country’s expanding SME sector. It marks a major step in BSP’s broader agenda to reposition itself as a partner in business development and economic inclusion, particularly for underserved entrepreneurs in regional and remote areas.
BSP Group CEO Mark Robinson described the launch as central to the bank’s growth and modernisation strategy. “This is business banking designed for Papua New Guinea –most importantly, designed for growth,” he said. “The Business Bank is about providing support that is mobile, accessible, and tailored to where our customers are and how they do business.”
The new offering combines core financial products—such as business accounts, loans, overdrafts, and asset finance –with integrated digital services including EFTPOS solutions, payroll support, and secure mobile and online banking. These are complemented by cross-border capabilities such as online foreign exchange and international transfers.
Crucially, BSP is also investing in customer capability. Through a partnership with Australian Business Volunteers (ABV), the bank will deliver business skills and financial education workshops to SMEs nationwide. These will cover practical areas such as cashflow management, tax basics, business planning, and marketing—skills seen as critical for long-term business sustainability.
Head of BSP Business Bank, Raymond Logona, said the bank’s new structure introduces the “Business Bank Hive”—a collaborative team of specialist product experts working alongside BSP relationship managers to offer tailored solutions. “The Hive includes digital, payments, leasing and FX specialists. This team brings together the expertise our business customers need, not just to operate, but to thrive,” he said.
Since 2022, BSP has supported 392 SME customers through education and business development initiatives. Between 2025 and 2027, the bank plans to expand its outreach, with programs set to roll out in Lae, Mt Hagen, Kokopo, Madang, and other growth centres.
With SMEs making up the backbone of Papua New Guinea’s private sector, BSP’s Business Bank represents a targeted effort to combine financial access with hands-on business support—reinforcing the bank’s role not just as a lender, but as a long-term partner in enterprise success.
Source: Pacnews/ Post Courier; Photo: BSP Facebook page
