BSP Financial Group Limited announces reduction of fees by 50 percent

This comes a week after Kina Bank introduced a fee-free account


A week after the rival Kina Bank launched its Kina Everyday fee-free account, BSP Financial Group limited has announced effective Friday 30th April its customers will benefit from a reduced service charge on some of its products.

It’s a massive reduction at 50 percent.

BSP customers will benefit from the reduced service charge on Banking EasiPay Topup from K0.50 to K0.25 and Branch EFTPoS withdrawal from K4.00 to K2.00.

It says both reductions have been made to encourage greater utilization of digital channels, which provide greater convenience and cost effectiveness.

In a statement released today Group CEO Robin Fleming said the bank  has not increased its fees since 2014 and has in fact reduced many of its fees over that time.

The bank has copped a lot of criticism from customers about the various fees on its products and though some have complained to close their bank accounts, BSP appears to be the only bank servicing communities nationwide.

Fleming has said: “BSP has foregone in excess of K50m in fees annually as result of its fee-reduction initiatives. The bank has made a conscious decision not to pass on any increased costs to customers and we have made every effort to reduce fees and ensure customers are provided with a cost-effective product that suits them.”

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Hitting back at Kina Bank, BSP Group General Manager Retail Daniel Faunt said: “While other banks in the country claim to be offering fee free accounts, the reality is that BSP has had its fee free Kundu accounts available to its customers since 2012.”

“The Kundu Standard account does not carry a monthly fee and customers only get charged for what transactions they may do. The Kundu package accounts provides the customer to access an unlimited range of services for one monthly fee of K9.50.”

Faunt said customers should carefully assess their options by reviewing the fees and charges of each of the banks to ensure they are receiving what they are seeking.

He said BSP’s current Fees and Charges are available on its website and the bank will continue to make banking more accessible, cheaper and safer for its customers and will be making further announcements in due course.

When Kina launched its fee free account last week, its CEO Greg Pawson said: “We want to take banking back to basics with better customer service and no unnecessary fee gouging. We think this is morally and ethically the right strategy.”





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