Bank customers, businesses and users across the country are being encouraged to use the EFTPOS (Electronic Funds Transfer at Point of Sale) machine to avoid unnecessary bank fee deductions when making payments or withdrawals.
According to Hon. Ricky Nelson Houenipwela, the Member of Parliament (MP) for Small Malaita and Chairman of the Public Accounts Committee (PAC), many customers and businesses are losing money through small but regular charges that could be avoided by using EFTPOS for everyday transactions instead of withdrawing cash at counters or ATMs.
This concerning issues was raised by other members from the PAC hearing last week highlighting the unjustifiable and excessive bank fee increases that affects many ordinary citizens in the country.
The Leader of Opposition, Hon. Matthew Wale, has strongly criticized BSP’s new fee policy, issuing a public statement on Thursday, 3 July.
His remarks follow BSP’s recent decision, which took effect on 28 June 2025, to impose a 1% fee on all cash deposits and withdrawals amounting to SBD 20,000 or more per day, per account.
Hon. Wale condemned the charge, calling it an unreasonable burden that unfairly targets the everyday economic activities of Solomon Islanders.
“This is an unjustifiable fee on people simply trying to access or manage their own money. Many Solomon Islanders, particularly those in rural villages, as well as small business owners, schools, and churches, are compelled to operate in cash. This fee punishes them for circumstances they did not choose,” Hon. Wale stated.
During last week’s hearing in the PAC sittings, Hon. Ricky Hou explained that the EFTPOS system allows customers to pay directly from their bank accounts without extra fees and provides a safer and faster way to handle transactions.
“Using EFTPOS not only saves customers from paying service charges but also reduces the need to carry cash, which is safer,” he said.
He added that EFTPOS machine make it easier for economists and financial institutions to track revenue collection and transaction data because every payment made through EFTPOS is recorded electronically, creating a clear trail of transactions.
‘’This helps in tracking sales and revenue without relying on manual cash logs.
“In addition data from EFTPOS transactions can be accessed and analyzed in real time, giving a current picture of economic activity whilst Governments and tax authorities can better monitor business revenue for tax compliance since the transactions are transparent,” Mr. Hou added.
By ULUTAH GINA
Solomon Star, Gizo
