PNG Central Bank Urged to Investigate BSP Bank’s Computer Glitch

The Chief Executive Officer of the PNG Think Tank Group, Samson Komati Yuimb, has called on the Government to urge the Bank of Papua New Guinea (PNG) Governor to conduct an independent investigation into the recent computer glitch at BSP Bank caused by a foreign IT company engaged by BSP. More than 30,000 BSP customers were directly affected, and online banking services have been suspended for many days, resulting in disruptions to staff salaries, payments by SME businesses, and individuals.

Mr. Yuimb stated in an interview with EMTV News that the computer glitch at BSP is an internal problem that has affected thousands of BSP customers nationwide. He emphasized that BSP PNG has lost the trust of the people, and BSP must apologize for not informing its customers about the error in depositing money into 30,000 accounts of public unions, followed by threatening customers not to withdraw the money. He also highlighted that if it was a mere computer glitch, it should have been corrected within 36 hours, but it has been ongoing for two weeks, raising suspicions about what BSP may be hiding from its customers and the public.

Mr. Yuimb further explained that banks and financial institutions in the country fall under the jurisdiction of the Central Bank, which has a duty to ensure the accountability of commercial banks, microbanks, and financial institutions as they hold public money. He urged the Central Bank Governor to institute an investigation into BSP Bank to determine the extent of the issue, including any potential financial losses, legalities, illegalities, breach of trust, and negligence on the part of BSP.

Meanwhile, BSP Group CEO, Mark Robinson, in a media statement released earlier this week, mentioned that BSP is working closely with the Bank of PNG to address the technical issues and delays in payments and services. He stated that BSP PNG has made good progress in clearing most of the backlog of delayed domestic payments and remains committed to processing all payrolls submitted this week as per normal, under the new banking system.

The call for an independent investigation into BSP by the PNG Central Bank is seen as crucial to uncovering the truth behind the prolonged computer glitch and its impact on BSP customers and the public. It is expected that the investigation will provide transparency and accountability, and hold BSP responsible for any shortcomings in its operations, as well as restore public trust in the banking system.

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