The target of reaching 150,000 of Fiji’s un-banked population by 2014 has been achieved by the Reserve Bank of Fiji.
Speaking yesterday at the 12th AFI Pacific Islands Working Group Reserve Bank of Fiji Governor Barry Whiteside says that as of the 28th of last month the target set in 2009 was achieved.
Whiteside says this success is only a great platform from which the next phase of development will be charted for financial inclusion in Fiji.
Does anyone remember the Fiji Post office Savings Scheme ?. That was so successful the money was used to help fund the National Bank of Fiji, which was ripped off by a number of individuals who are still looking to make a quick buck today. The NBF was also described as the peoples bank, they just did not say which people.
Yep I remember it well in fact my Aunt used to work in the bank it was near the post office and the large raintree was in front of both of them. Thinking back I suppose the deposits in the Bank helped fund Government’s cash flow.
While some 240,000 accounts were transferred from the Post Office to the new NBF not a lot of money was involved. In fact we closed 40,000+ accounts in the first 3 months, < $1.00 balance…I should remember as I created/installed the computer system.. so RBF is still a long way behind the Post Office scheme…CJG
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