Port Moresby, June 28, 2024 - All Bank South Pacific Financial Group Limited (BSP) branches across the country will cease accepting private sector cheques as a payment method starting today. This announcement was made by Peter Komon, Head of Retail Banking Payments at BSP. Komon stated that by Monday, any private sector cheques would be dishonoured regardless of the deposit location. Payees will be required to arrange alternative payment methods. From now on, only public sector cheques—including those from the Bank of Papua New Guinea (BPNG), all levels of government, and state-owned enterprises—will be accepted at BSP.
“If you receive a cheque issued by a private sector entity after June 28, you will be advised to contact the drawer of the cheque to make alternate payment arrangements, either via internet banking or a credit transfer,” Komon said. This move follows a directive from BPNG, after consulting with the National Payments Council. All cheques for deposit or encashment must be submitted before the close of business today, June 28. To accommodate the transition, BPNG will extend settlement times for cheques to 6pm on the day to allow for excess processing. “The discontinuation of private sector cheques is part of BPNG’s efforts to streamline PNG’s payment system and align it with global best practices,” Komon added. “Cheques require an inordinate amount of effort to handle, are far less efficient than available electronic payment channels, and can be lost, stolen, or forged. By doing away with cheques, we expect productivity gains, cost reductions, and enhanced security overall.” Komon highlighted alternative payment methods, advising customers and businesses to choose the best solution for their specific needs. Stakeholders are encouraged to contact BSP’s customer call centre at 320 1212 or 7030 1212, email [email protected], or visit a branch for assistance. “If the customer does not have any other means of obtaining an alternate method of payment for the cheque, they should visit the branch and complete a branch withdrawal form. If there are multiple signatories to the account, a letter of instruction advising the withdrawal, signed by the required signatories per the account’s mandate, will be required to facilitate the cash withdrawal request,” Komon concluded. Also read Comments are closed.
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