Opposition leader Wale questions silence by CBSI, SICCI, SICTU, SIPEU over BSP bank’s ‘unjustifiable’ fees
BY IRWIN ANGIKI
Leader of Opposition, Matthew Wale is questioning the ongoing silence and inaction of the Central Bank (CBSI) over BSP’s recent imposition of new banking fees.
Mr Wale also lashed out at relevant authorities in the economic and labour space for their silence. These institutions include the Solomon Islands’ chamber of commerce (SICCI), the country’s trade union council (SICTU) and the public employees union (SIPEU).
In a statement yesterday, Wale said that CBSI must explain what concrete steps it is taking to protect ordinary Solomon Islanders.
“It has been more than a week since this unjustifiable fee came into effect, and we have yet to hear a single word from CBSI.
“The Central Bank is not a bystander in these matters. It is the regulator, and its silence is simply not good enough,” Wale said.
Wale also questioned the silence of major stakeholders in the country’s economic and labour space, including the Solomon Islands Chamber of Commerce and Industry, the Solomon Islands Council of Trade Unions and the Solomon Islands Public Employees Union.
“SICCI should be concerned that legitimate business activity is being penalised, while SICTU and SIPEU should be standing up for the financial rights of workers, especially public servants and employees in rural and remote areas.
“Why the silence?” Wale said.
“The real economy is being hit.
“Our workers, our small businesses, our schools and our churches are feeling the effects.
“Yet those who claim to represent them seem to be silent.
“This is very troubling,” Wale added.
Wale urged CBSI to urgently intervene, stating that the CBSI not only has the authority, but the legal duty, to regulate such banking practices in accordance with its statutory functions under the CBSI Act and the Financial Institutions Act, the Opposition statement said.
“CBSI is not a neutral observer. It is the regulator. It has the legal mandate to supervise financial institutions in the public interest.
“If this fee is punitive or exploitative, then CBSI has a duty to act.
“Are they saying that BSP can charge whatever fee they want, whether 1% or 100%? Their continued silence is a failure of that duty,” Wale said.
Wale said CBSI must either direct BSP to withdraw the fee or publicly justify its regulatory position on why such a charge is permissible under Solomon Islands law.
“Our people deserve transparency and protection. CBSI’s failure to act emboldens unfair practices and erodes public trust.
“It must not allow commercial interests to outweigh the rights and welfare of ordinary Solomon Islanders. The law expects more than silence,” Wale said.
The BSP bank recently introduced a hefty 1 percent fee for cash deposits and withdrawals $20,000 or more, per day, per account effective June 28, 2025.
This move has already resulted in major businesses registering huge cuts to their profits.
One major business based in Honiara which spoke to Island Sun over the weekend on condition of anonymity said it has initiated the process to lay off workers to cover their losses brought about by BSP’s new fee.
Company documents show an average of $4,000 lost to this fee alone per day as it deposits its daily takings starting last week.
The company is understood to be seeking court injunction.
Meanwhile, BSP had issued a one-month notice on the new fee and other changes.
On BSP’s website, a notice published on May 28, 2025, said:
“Effective 28th June 2025, BSP will make changes to various service fees and offerings.
“These changes are to promote digital channels and supports efficient cash management.
“The Fee changes are as follows:
“Special Answer fee from $100 to $400.
“Cheque book (25 leaves) from $27.50 to $30.
“Cheque book (50 leaves) from $55.00 to $60.
“Cheque book (200 leaves) from $180 to $200.
“Manual Transfer Fee from $7.50 to $10.
“Salary Listing Per Item (BSP) from $2 to $3.
“Salary Listing Per Item (Other Bank) from $5 to $7.
“Diskpay from $3 to $2.
“Cash Handling fee – 1% for deposits and withdrawals of SBD$20,000 or more.”
On BSP’s website, a pinned notice also reads:
“Dear Customers, we remain committed to improving your banking experience. From 1st July, an email notification will be sent to selected customers, through our survey partners Klein Research to understand how we can better serve your needs. Please take a few minutes to provide your feedback.”
For feedback, contact:[email protected]
