CBSI Approves SINPF Board Wholly Owned Solomon Finance Limited Interim Credit License
The Central Bank of Solomon Islands (CBSI) in exercise of the powers conferred by Section 5 of the Financial Institutions Act 1998 had granted Solomon Finance Limited (SFL) an Interim License to carry on banking business as a credit Institution in Solomon Islands subject to the provisions of the Financial Institutions Act 1998.
The interim license with conditions is valid for 12 months was granted on 1st day of November 2019 for the wholly owned SINPF subsidiary Solomon Islands Finance Limited (SFL). The SFL was incorporate as a private company by shares to carry on banking business in Solomon Islands by the Board of SINPF.
General Manager of NPF and Interim Director of SFL Michael Wate, says the SFL will be giving out competitively price small personal loans and home loans to members when given the full credit license after meeting the conditions of the interim license.
General Manager Wate says the idea to establish a standalone institution is to provide loans for members was started after NPF Board closed member loan schemes in 2000 where members had access for urban homes, rural homes and furniture.
Finally on a journey that started 10 years ago with past boards and management, we had achieved what we wanted to do for our members. This is a milestone just on the back of the informal sector product youSave successful launch last year in 2018.
“I want us all to embrace this new investment plus the youSave that has the potential to touch the lives of our members,” CEO Wate said,
Solomon Finance Limited investment is base in the context of SINPF’s vision and mission 'securing and enhancing our future' and to provide quality services and benefits to our members. SFL also meets the risk and return requirements of the Board.
The new Solomon Finance Ltd will be located on the ground floor of the Anthony Saru Building (ASB).