To'abaita Authority for Research & Development (TARD)

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Thursday, March 08, 2007

ANZ's "bank blo everiwan" launches micro-finance scheme for village man

The ANZ Bank in Solomon Islands has today introduced a micro-finance scheme through its mobile banking operation which will allow ANZ rural savers to access small loans to purchase household items such as solar kits, stoves, school fees and fund village business ventures.

According to ANZ General Manager Tait Jenkin, “the micro-finance scheme has been developed specifically with our rural banking customers in mind”.

“We know that a large portion of Solomon Islanders do not qualify for commercial bank loans and so we decided to develop this product to give people the chance to borrow funds to improve their livelihoods”.

“Micro loans will be made available for any worthwhile reason. The minimum loan is $500 and the maximum loan is $10,000. Borrowers have the option to borrow jointly or individually”.

To qualify for a micro-finance loan, ANZ rural bank customers need to have 6-months of regular savings history” said Mr Jenkin.

Bank Blo Evriwan is a specially designed vehicle used by ANZ to take banking services right into the villages of Solomon Islands. Since its inception in December 2005, ANZ’s “bank on wheels” has opened some 7,000 rural savings accounts.

Source: GCU

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