Mobile banking forum a success - Solomon Star News

Mobile banking forum a success

18 May 2014

The first ever mobile banking forum held in Honiara was a success.

Hosted by the Central bank of Solomon Islands, the forum was held to gauge the current trend of the new forms of mobile banking services in the country.

It was also organised to understand the current challenges faced in this area and to explore opportunities for further growth and development of the roll out of these banking products.

Heads of commercial banks including ANZ, BSP and Westpac including Telekom and Bemobile participated in the forum.

Visiting Pacific Financial Inclusion Program (PFIP) expert, Krishna Narasimhan said mobile and branchless banking play a key role in increasing financial inclusion in many countries around the world.

He said it is through these technology based innovation banking solutions that banking services reaches the remote locations, where it highly sustainable and cost effective.

Narasimhan said in the Pacific such technology based services are now available in Fiji, PNG, Vanuatu, Solomon Islands, Samoa and Timor Leste.

“In Solomon Islands the advent of mobile and branchless banking with over 31,000 new customers enrolled during 2013 only.

“Presently it is estimated that 5 out of 10 adult Solomon Islanders have a bank account.” 

The forum was chaired by Central Bank of Solomon Islands Governor Denton Rarawa.