Australia and New Zealand Banking Group (ANZ) has reached an agreement with the Australian Government to support the growing roll out of mobile banking and financial literacy programs in Solomon Islands.
The Government of Australian has agreed to offer additional funding to assist ANZ to boost access to phone banking in remote areas as well as provide dedicated financial literacy training with a focus on women in rural communities.
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Australia and New Zealand Banking Group CEO Mike Smith said: "This partnership will significantly assist in accelerating banking services and improve the financial literacy of a significant number of Solomon Islanders previously excluded from traditional banking.
"We know that around 70 per cent of people here in the Solomon Islands don’t have access to banking services, making financial inclusion a priority given the role it plays in building individual and community prosperity."
The Australian High Commissioner to the Solomon Islands Andrew Byrne, said: "Our target is to reach 65,000 people in Solomon Islands over the next three years. This support will help achieve the goal of increasing access to financial services to rural and remote Solomon Islanders, particularly women."
ANZ goMoney, which was rolled out in September 2013, became the first mobile phone banking channel in the Solomon Islands. Since its debut, the service has attracted 17,000 new customers, including 10,000 customers who never owned a bank account in their life.
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