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BSP and Post Fiji Pte Ltd. Renew Rural Banking Services Agreement.

Wednesday, August 24, 2022

BSP and Post Fiji have renewed their Rural Banking Services Agreement which is part of a joint initiative between them and the Government of Fiji. It was initiated many years ago to fulfill the Government’s aspirations for a sustainable and financially inclusive banking solution for Rural Fiji.

With Post Fiji’s infrastructure, BSP is able to extend its branch services to rural based customers that can:

  • Open new accounts
  • Make deposits
  • Make withdrawals from their accounts of up to $500 a day
  • Reset their Debit Card PIN
  • Get their BSP Debit card replaced, and
  • Check their account balances

“We are always looking for ways to make it easier and convenient for our customers to transact at Post Fiji outlets.  Thanks to the joint investment and ongoing support by Government and BSP, customers can transact just by swiping their BSP debit cards.  The benefit for customers is that don’t have to worry about carrying large sums of cash or travel long distances to reach a bank.  Money deposited with Post Fiji is safe and reaches its destination so our customers can have peace of mind when using Post Fiji,” said Post Fiji CEO, Dr. Anirudha Bansod.

Under this arrangement, the Government provides a subsidy for each transaction with 70% going to Post Fiji to meet the costs of delivering rural banking services in remote areas of Fiji including the maritime islands.

There are currently 35 Post Offices and 3 postal agencies across Fiji.

Haroon Ali, BSP Fiji Country Head, said “Post Fiji has been a critical partner for BSP to deliver these rural banking services.  We are pleased with this partnership and thankful to Government for this important initiative which allows Fijians from all over Fiji to access formal banking.” 

“In addition, Government has also provided funding support that has enabled the delivery of our banking services to areas with no or very poor telephone or data connectivity.  Using Satellite technology, we are delivering banking services to Matuku, Totoya, Ono i Lau, Moce and Kabara in the Lau Group,” continued Mr. Ali.  “Next week, we are scheduled to complete satellite installation at the Post Office in Rotuma that should significantly improve the connectivity issues that we have been facing on the island.”

“Rural customers using a mobile or computer with phone or data connectivity now also have 24/7 access to their bank accounts.  Through BSP digital banking services they can:

  • Check their balance
  • Transfer funds
  • Pay Bills
  • Top up mobiles, and
  • Review their account activity online.”

This tripartite model provides a platform for improved reach, better customer service and efficiency in the delivery of Rural Banking services.

“In this Partnership led by the Government, Post Fiji has been our trusted Agents in rolling out our services to reach Fiji’s unbanked population which in turn also boosts economic activity in rural economies,” said Mr. Ali.  “Thank you Post Fiji and we look forward to the continuation of this partnership for many more years.”

The Agreement has been renewed for 3 years.