THE Central Bank (CBSI) said it has started to address consumer protection and empowerment; towards end of 2013.
In its 2013 annual report, the bank said a prudential guideline was issued to commercial banks requiring them to disclose all their interest rates, fees and charges and vividly displaying and informing consumers of any changes.
“Work has also started on establishing policies and procedures where bank customers can lodge their complaints against a provider of financial services.”
The bank said despite the positive progress made, there are still gaps to be addressed in the pursuit of the financial inclusion agenda in Solomon Islands.
These areas include: promotion of micro insurance as a financial product that targets low income households.
“There is still the need to encourage the MEHRD to pursue the teaching of financial education in our schools, and working with financial inclusion partners to promote financial literacy, particularly on the use of technological services, and on consumer protection and empowerment.
“Overall, 2013 has seen positive outcomes in the development and promotion of financial inclusion objectives in Solomon Islands, but at the same time recognizing that the achievements so far are still a small start and more needs to be done.”
By EDNAL PALMER
