The Reserve Bank of Fiji (RBF) has announced that a program to create microfinance units within commercial banks is progressing smoothly and that the program should be fully operational by the end of the year. In December 2009, RBF had created a set of guidelines for all commercial banks directing them to establish microfinance units in existing branches. No information has been given about what the consequences will be if the banks do not comply with the guidelines.
RBF governor’s adviser, Inia Naiyaga, commenting on the progress of the program said, “it has just been implemented so there are little things to be ironed out and discussed with them [commercial banks], but otherwise, they are very positive and they support the initiatives…” According to Mr Naiyaga, all but one bank have presented their plans for implementation to the RBF.
By: Christine Chang, Research Associate
About Reserve Bank of Fiji (RBF):
Established in 1983, the Reserve Bank of Fiji (RBF) is the nation’s central banking authority. RBF’s statutory authority includes the following: to regulate the financial sector, to promote monetary stability and to foster balanced macroeconomic development of the country as a whole.
Additional Resources:
Fiji Times Online: Units in place, April 20, 2010: http://www.fijitimes.com/story.aspx?id=144832
MICROCAPITAL BRIEF: Reserve Bank of Fiji Creates National Financial Inclusion Taskforce to Increase Access to Financial Services Including Microfinance, February 25, 2010: https://www.microcapital.org/microcapital-brief-reserve-bank-of-fiji-creates-national-financial-inclusion-taskforce-to-increase-access-to-financial-services-including-microfinance/
MICROCAPITAL BRIEF: Reserve Bank of Fiji (RBF) Changes Guidelines for Financial Sector, Including Microfinance, January 5, 2010: https://www.microcapital.org/microcapital-brief-reserve-bank-of-fiji-rbf-changes-guidelines-for-financial-sector-including-microfinance/
MicroCapital Universe: Reserve Bank of Fiji (RBF): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Reserve+Bank+of+Fiji+%28RBF%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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