Central Bank of Solomon Islands’ (CBSI) target to achieve additional 70,000 locals having access to appropriate and affordable financial services has been achieved well ahead of its target year.
The target set in 2010 predicted year 2015 in meeting this objective.
This fine achievement was made in the last quarter of last year and is attributed to CBSI’s move towards lowering eligibility access under new know your customer (KYC) requirements for opening new accounts in 2013 and that ongoing support and expansion by Telecommunication companies as hosts to this innovative banking service.
This was also made possible with the successful roll out of mobile banking services provided for by the commercial banks.
CBSI Governor and the chairman of the National Financial Inclusion Taskforce (NFIT), Denton Rarawa said the achievement is due to the strong commitment and partnership shown by all stakeholders involve in the financial inclusion work in the country.
He acknowledged the collaborative efforts and noted it as vital.
The positive response from the public since last year is a clear indication of the progress being made, he said.
“Whilst the numbers are showing signs of steady increase, our work of creating a financially sound and inclusive Solomon Islands population is still yet to be fully met and realised.
“We must continue to maintain our current work rate and improve on those areas that really need focus and commitment of all parties,” explained the Governor.
He said much is yet to be done but with that positive responses and continued committed collaborative effort, they sure will achieve more.