Post Fiji, BSP seal financial inclusion partnership

THE Bank South Pacific and Post Fiji have renewed an agreement that will see the provision of critical rural banking services in line with Government’s financial inclusion initiatives. The three-year agreement, formalised through a memorandum of understanding, will see the tripartite partnership between the two organisations and Government entering into its second term since its initiation some years back.

Basically, what this partnership means is that essential banking services can be made available for BSP customers at several postal agencies.

BSP country manager Kevin McCarthy has reaffirmed this collaboration between the bank and Post Fiji given its history that goes back many years.

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

“This renewal indicates that this partnership is delivering on its objectives to improve access to financial services for Fiji’s rural and unbanked population,” Mr McCarthy said.

Under this partnership, BSP customers can now enter any of the 42 Postal Agencies and: • Make deposits; • Make withdrawal of up to $500 a day; • Reset their Debit Card PINs; • Get their BSP Debit card replaced; and • Using BSP EFTPoS customers can check their account balances.

Post Fiji chairman Lawrence Tikaram welcomed the renewed partnership saying that it had grown from strength to strength.

“Since introducing BSP’s electronic banking services, we have seen a growth from 3 per cent to 95 per cent in customers using BSP’s electronic banking services and 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,” Mr Tikaram said.

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