Government promises rural financing
Rural Financing
The Government is to launch a major policy initiative to expand financial services to the rural areas.
Finance Minister Gordon Darcy Lilo last week announced government's plan to help people in the villages money. He says the initiative will help to share the cost of delivering rural financial services over a period of three years. Mr Lilo says registered financial institutions will be invited through a public tender to submit innovative proposals for reaching rural people with sustainable financial services. He says that the government is looking for a partnership that will provide a financial product that is sustainable.
The Finance Minister says savings and micro-credit services is a key objective of the current Government. Mr Lilo says the government is committed to expanding financial services to rural communities in partnership with registered financial institutions in the country.
ANZ micro-financing
The ANZ Banking Corporation last week launched another of its new services the "micro-finance scheme" through its mobile banking operation.
The Bank says this scheme will allow ANZ rural savers to access small loans to purchase household items such as solar kits, stoves, school fees and fund village business ventures. ANZ General Manager Tait Jenkin says the micro-finance scheme has been developed specifically with rural banking customers in mind. He says many Solomon Islanders do not qualify for commercial bank loans so the new product should give them the chance to borrow funds to improve their livelihoods. He says loans under the scheme will range from 500 dollars up to 10-thousand dollars.
MyBlog comments
The schemes championing rural people easy access to finance is a great idea.
MyBlog hopes that if such works, it will be a winner for all concern. The government, the banks, other financial institutions including savings and credit clubs, the people and country will be all winners. Of course many challenges face the introduction of such schemes, including managing the entity, security, honesty and sustaining the set up.
Are Solomon Islanders ready to take to heart such a needed service in the rural areas? MyBlog believes that's a challenge worth tackling, ready or not. For many years, government and private sector works, farmers, fishermen and the ordinary people who live and work in the rural have longed for such access to money. Up to now teachers, police officers and other government workers have to travel to provincial centres to withdraw their pay to do other bank transactions.
If the government and financial institutions address rural financing, it would be just the catalyst to a new and bright economic future for Solomon Islands and its people.
The Forbes Magazine report that the membership of the world's billionaire club has swelled to almost one-thousand, is just mouth-watering. Who knows may be in the next five to 10 years, a Solomon Islander may join that exclusive club.
That's a tall order indeed.......but nothing is impossible.
Good luck to you.
The Government is to launch a major policy initiative to expand financial services to the rural areas.
Finance Minister Gordon Darcy Lilo last week announced government's plan to help people in the villages money. He says the initiative will help to share the cost of delivering rural financial services over a period of three years. Mr Lilo says registered financial institutions will be invited through a public tender to submit innovative proposals for reaching rural people with sustainable financial services. He says that the government is looking for a partnership that will provide a financial product that is sustainable.
The Finance Minister says savings and micro-credit services is a key objective of the current Government. Mr Lilo says the government is committed to expanding financial services to rural communities in partnership with registered financial institutions in the country.
ANZ micro-financing
The ANZ Banking Corporation last week launched another of its new services the "micro-finance scheme" through its mobile banking operation.
The Bank says this scheme will allow ANZ rural savers to access small loans to purchase household items such as solar kits, stoves, school fees and fund village business ventures. ANZ General Manager Tait Jenkin says the micro-finance scheme has been developed specifically with rural banking customers in mind. He says many Solomon Islanders do not qualify for commercial bank loans so the new product should give them the chance to borrow funds to improve their livelihoods. He says loans under the scheme will range from 500 dollars up to 10-thousand dollars.
MyBlog comments
The schemes championing rural people easy access to finance is a great idea.
MyBlog hopes that if such works, it will be a winner for all concern. The government, the banks, other financial institutions including savings and credit clubs, the people and country will be all winners. Of course many challenges face the introduction of such schemes, including managing the entity, security, honesty and sustaining the set up.
Are Solomon Islanders ready to take to heart such a needed service in the rural areas? MyBlog believes that's a challenge worth tackling, ready or not. For many years, government and private sector works, farmers, fishermen and the ordinary people who live and work in the rural have longed for such access to money. Up to now teachers, police officers and other government workers have to travel to provincial centres to withdraw their pay to do other bank transactions.
If the government and financial institutions address rural financing, it would be just the catalyst to a new and bright economic future for Solomon Islands and its people.
The Forbes Magazine report that the membership of the world's billionaire club has swelled to almost one-thousand, is just mouth-watering. Who knows may be in the next five to 10 years, a Solomon Islander may join that exclusive club.
That's a tall order indeed.......but nothing is impossible.
Good luck to you.
posted by Myblog | 10:23 pm
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