Governor Forau hails IFC, WBG and donor partners


Governor of the Central Bank of Solomon Islands (CBSI) Dr Luke Forau has commended the International Finance Corporation (IFC) donor partners Australia, New Zealand governments and stakeholders for the development of the Solomons Automated Transfer System (SOLATS).

CBSI launched the SOLATS system in Honiara on Monday attended by guests which includes Country Head of ANZ Martin Beattie, IFC’s Pacific Payments Project Leader, Hang Nguyen, Deputy Australian High Commissioner Andrew Schloeffel, Joe Carter from the New Zealand High Commission and CBSI staff.

IFC, supported by the governments of Australia and New Zealand as well as World Bank Group, provided technical expertise to CBSI for the development of SOLATS payment system.

“The Central Bank aims to achieve our mandate and objectives in ensuring financial system stability and monetary policy while promoting financial inclusion.

“At this juncture, I wish to remind the financial industry that with the National Payment System infrastructure in place, you now have the opportunity to create unique opportunities for enhanced payment mechanisms for commerce in the future.

“I am particularly interested to see the interoperability of payments systems in the country where e-payments, mobile phones and the internet will integrate with the NPS infrastructure to ensure settlements are done in real time, enabling the ordinary person to make payments fast, efficiently and cost effectively.

“Let me close by, once again, extending our gratitude to the IFC and WBG for their technical support and constant guide in this important reform work, to strengthen the legislative framework and modernizing the National Payment System to meet international standards. 

“I also acknowledge the donors and the development partners for the funding support that has made it possible for Solomon Islands to benefit from the financial market infrastructures 

“I also extend my deep appreciation to the participating banks and your hard-working project teams for having faith in the project and believing in the benefits that this great initiative will bring to the people of Solomon Islands.

“Overall, I am grateful for the general support to the CBSI project team.

“Despite the odds, we have proved our resilience and I am overwhelmed with joy by the commitment and collaboration displayed by all parties to bring about positive changes to the lives of our people.” Dr Luke Forau said.

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