SOLOMON Finance Limited, a credit institution owned by Solomon Islands National Provident Fund (SINPF), is expected to commence its lending operation in the new year.
SINPF board chairman Dr Jimmie Rodgers announced this on Tuesday.
Rodgers said the Central Bank of Solomon Islands (CBSI) has just granted Solomon Finance its licence to conduct its banking business.
“This is another major milestone in the Fund’s 45-year journey enabling the Board through Solomon Finance Limited an investee company of the Fund to provide competitively priced financial products to its members,” Rodger said.
“Solomon Finance Limited will offer alternative financial products, from personal to home loans to our eligible members so that they can invest in their well-being in education, health, to owning a home and to take part in income-generating activities whilst still in employment and at the same time actively contributing to their retirement savings with the SINPF,” he added.
“This service or benefit is consistent with the Fund’s objective and vision to support members build up their wealth for their old age and retirement whilst they are active and still in employment.
“It has taken the Board more than 12 years to achieve this milestone and I would like to thank past SINPF Boards and management who have in one way or another contributed to the proposal of establishing a separate viable credit institution for its members.
“I would also like to thank the PSDI of the Asian Development Bank (ADB) for providing technical support in assisting the Fund’s investment team preparing the feasibility and business case for the new credit institution for approval by the Minister of Finance in 2018 and later application to the CBSI for an interim license that was approved and issued in November 2019.
“And finally, my congratulations to the new Board and management of SFL who were appointed in October 2020 for finally securing SFL’s interim license conversion to a full license after meeting the requirements of the CBSI, contained in the interim license.
“Thank you, you have done a great job.”
Rodgers said Solomon Finance Limited plans to open for business in the first quarter of 2022.
Its office is located on the ground floor of the Anthony Saru Building (ASB), Hibiscus Avenue, Honiara.