BSP Retains National Microfinance Award

Date: Wednesday 7 August 2019

The Reserve Bank of Fiji has awarded BSP with the prestigious Microfinance Service Provider of the Year for outstanding contribution by any Bank in 2018.

BSP Country Head, Mr. Haroon Ali has welcomed the award as a clear endorsement of the robust financial service model in place for Fiji's rural residents and microfinance operators.  

"Our collaborative efforts with the Government of Fiji and Post Fiji has enabled us to provide state of the art banking services throughout rural Fiji," he said. "Recently, this alliance enabled us to install EFTPoS in five Post Offices in Lau using a satellite connectivity solution due to the unavailability of an alternative."

Apart from financial literacy and awareness programs, BSP's Rural banking team, led by its Senior Manager, Mr. Isikeli Taoi, also manage and co-ordinate the banking services across 34 Post Offices and 7 Postal Agencies, on a daily basis.

"We are observing exponential growth in the volume of transaction at these Post Offices with a significantly high number of transactions converting to electronic banking services," Mr. Ali confirmed.  "These customers would have otherwise been excluded from the financial system due to their isolation."

The National Microfinance Award is an annual highlight spearheaded by the Central Bank as part of the Government of Fiji's National Financial Inclusion Strategy to recognize the significant contribution of individuals, communities and corporate organisations in the national financial inclusion effort.