The Bank of South Pacific and Post Fiji signed a Memorandum of Understanding to renew the provision of critical rural banking services today.
Country Manager Mr Kevin McCarthy has reaffirmed this collaboration between the Bank and Post Fiji given its history that goes back many years. "This renewal indicates that this partnership is delivering on its objectives to improve access to financial services for Fiji's rural and unbanked population."
Under this partnership, BSP customers can now enter any of the 42 Postal Agencies and:
a) Make deposits
b) Make withdrawal of up to $500 a day
c) Reset their Debit Card PINs
d) Get their BSP Debit card replaced
e) Using BSP EFTPoS customers can check their account balances
To sustain this banking set up, BSP has provided a working advance (cash float) in the sum of $1m to Post Fiji.
Post Fiji Chairman, Mr Lawrence Tikaram has welcomed this continuance saying that this partnership has grown from strength to strength.
"Since introducing BSP's electronic banking services, we have seen a growth from 3% to 95% in customers using BSP's electronic banking services and this aligns with our support of Government's objective to ensure that 85% of Fiji's rural residents access financial services by 2020."
The MOU signed today is a 3 year agreement and launches the second term in a tripartite collaboration between the Government of Fiji, BSP and Post Fiji to deliver essential banking services for Fiji's rural residents.