Reserve Bank of Fiji Governor Sada Reddy recently announced the implementation of guidelines to promote financial inclusion in Fiji’s banking industry. The first guideline focuses on the development of the microfinance sector by requiring commercial banks to “innovatively and effectively” extend banking services to Fiji’s marginalized communities. Governor Reddy emphasized that commercial banks are required to establish internal microfinance divisions that operate within existing branches. A bank with two branches in one town only need set up a microfinance division in one branch. The second guideline deals with the establishment of a complaint management system which requires a ‘clear delegation of authority for complaints handling” and “adequate training provided to complaints handling staff” within each bank. The final guideline requires the establishment of a local advisory board, which applies specifically to foreign bank operations and requires that board members of each bank comply with RBF’s “fit and proper” rules.
Similar Posts:
- MICROCAPITAL BRIEF: Mastercard, Vodafone Fiji Partner to Provide Debit Cards to Mobile Money Users
- MICROCAPITAL BRIEF: Vanuatu Launches Vanklia System to Automate Large, Small Payments
- MICROFINANCE PAPER WRAP-UP: “Establishing a Financial Services Ombudsman in Mongolia: Experiences and Lessons from Armenia, Australia and Singapore,” by Massimiliano Gangi et al
- MICROCAPITAL BRIEF: Non-performing Loan (NPL) Ratios Up Among Microfinance Providers in Bangladesh
- MICROCAPITAL BRIEF: 3k Displaced Persons, Returnees, Hosts Access Loans, Guarantees, Business Training in Iraq
