THE Solomon Islands National Provident Fund (SINPF) owned Solomon Finance Limited (SFL) has been granted a credit license from the Central Bank of Solomon Islands.
Chairman of the SINPF Board, Dr Jimmie Rodgers announced the granting of the license in a statement on Monday.
He said “I am pleased to take this opportunity to formally announce, the granting of a banking license to our solely owned company, the Solomon Finance Limited, to conduct banking business as a credit institution under the Financial Institutions Act 1998 (as amended) by the Board of Central Bank of Solomon Islands, at its meeting on the 17th November 2021.”
According to Dr Rodgers, this is another major milestone in the Fund’s 45-year journey enabling the Board through Solomon Finance Limited an investee company of the Fund to provide competitively priced financial products to its members.
“Solomon Finance Limited will offer alternative financial products, from personal to home loans to our eligible members so that they can invest in their well-being in education, health, to owning a home and to take part in income-generating activities whilst still in employment and at the same time actively contributing to their retirement savings with the SINPF”.
This service or benefit is consistent with the Fund’s objective and vision to support members build up their wealth for their old age and retirement whilst they are active and still in employment, he added.
“It has taken the Board more than 12 years to achieve this milestone and I would like to thank past SINPF Boards and management who have in one way or another contributed to the proposal of establishing a separate viable credit institution for its members.
“I would also like to thank the PSDI of the Asian Development Bank (ADB) for providing technical support in assisting the Fund’s investment team preparing the feasibility and business case for the new credit institution for approval by the Minister of Finance in 2018 and later application to the CBSI for an interim license that was approved and issued in November 2019.”
Dr Rodgers also went on to congratulate the new Board and management of SFL who were appointed in October 2020 for finally securing SFL’s interim license conversion to a full license after meeting the requirements of the CBSI, contained in the interim license.
“Thank you, you have done a great job,” he said.
Solomon Finance Limited plans to open for business in the first quarter of 2022. Solomon Finance Limited office is located on the ground floor of the Anthony Saru Building (ASB), Hibiscus Avenue, Honiara.