SUNBIZ

BSP And Post Fiji Renew MOU For RuraI Banking

Bank South Pacific and Post Fiji signed a Memorandum of Understanding to renew the provision of critical rural banking services yesterday. The three-year agreement, launches the second term in a
07 Jun 2018 15:09
BSP And Post Fiji Renew MOU For RuraI Banking
From left:Post Fiji chairman Lawrence Tikaram and BSP country manager Kevin McCarthy,after the signing of the Memorandum of Understanding in Suva on June 6, 2018. Photo: Maraia Vula.

Bank South Pacific and Post Fiji signed a Memorandum of Understanding to renew the provision of critical rural banking services yesterday.

The three-year agreement, launches the second term in a tripartite collaboration between the Government,BSP and Post Fiji to deliver essential banking services for Fiji’s rural residents.

Country Manager Kevin McCarthy has reaffirmed this collaboration between the Bank and Post Fiji given its history that dates back many years.

Mr McCarthy said: “The renewal of the MOU, is a clear indicator that our collaboration with Post Fiji and the Government of Fiji is delivering on its objectives.

“To improve access to quality financial services for Fiji’s rural and unbanked citizens and to create a platform to enable a savings culture.

“Post Fiji has been a critical and co-operative partner in the process and we are able to extend our branch services to rural based customers.”

To sustain this banking set up, BSP has provided a working advance (cash float) in the sum of $1 million to Post Fiji.

Under the partnership:

Mr McCarthy acknowledged Post Fiji staff.

“I commend all the Post masters and Post mistresses who have been instrumental in advocating our financial services.

“We also acknowledge the support from board and management of Post Fiji.”

He highlighted that EFTPoS transactions surpassed 120,000 last year alone.

Post Fiji chairman, Lawrence Tikaram has welcomed this continuance saying that this partnership has grown from strength to strength.

“It has augured well because we are working with Government to help the rural community to be engaged with financial services which means banking the unbanked,” Mr Tikaram said.

“Since introducing BSP’s electronic banking services, we have seen a growth from three per cent to 95 per cent in customers using BSP’s electronic banking services.

“This aligns with our support of Government’s objective to ensure that 85 per cent of Fiji’s rural residents access financial services by 2020.”

Feedback:  maraia.vula@fijisun.com.fj

 

 

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