Solomon Finance, a wholly-owned subsidiary of Solomon Islands National Provident Fund (SINPF), has received its banking license from the central bank.
The license authorises Solomon Finance to conduct banking business as a credit institution. It plans to open for business in the first quarter of 2022.
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SINPF board chairman Jimmie Rodgers revealed that the board of the Central Bank of Solomon Islands granted the license at its meeting on 17 November 2021.
Rodgers added that the license is a milestone in SINPF’s 45-year journey and will allow the fund to offer competitively priced financial products to its members.
Rodgers 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.”
Notably, the PSDI of the Asian Development Bank provides technical support to SINPF’s investment team in preparing the feasibility and business case for the lender.
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By GlobalDataSolomon Finance received the Minister of Finance’s approval in 2018 and secured an interim license from the central bank in November 2019.
In other Oceanian banking news, National Australia Bank received a regulatory nod for the proposed $880m acquisition of Citigroup’s consumer operations.
