The Agricultural Marketing Authority and the Bank South Pacific have signed a memorandum of understanding to provide a digital-based banking solution to Fijian farmers.
BSP Country Head Haroon Ali has praised the alliance saying that it forms an integral part of their financial inclusion strategy and will further enhance BSP’s contribution to the Government’s objective of National Financial Inclusion and a cashless society.
Ali says they are committed to working with the AMA to facilitate financial literacy workshops for farmers that include digital banking training to provide them with 24/7 access to their bank accounts via SMS, online banking or the BSP mobile banking app.
Under the partnership, farmers will get a tailored savings account which allows 4 free digital banking transactions each month, no monthly maintenance fees and access to BSP’s 16 branches, 41 rural Postal Agencies, 2,045 BSP PoS terminals and 118 ATMs nationwide with the added benefit of SMS and Online banking.
Speaking at the MOU signing, the Minister for Agriculture, Dr Mahendra Reddy says the financial resource is a binding constraint to unleash the full potential in any sector.
He says they are thankful to BSP for being bold enough to make this first move with the Ministry of Agriculture to reach and assist rural agricultural entrepreneurs.
Dr Reddy says BSP is a socially responsible institution that is committed to the vanua and communities we operate in.
The Bank will also assist AMA to digitise their farmer payment processes and reduce security risks associated with handling large sums of cash.
The newly signed MOU with AMA will extend BSP’s rural and microfinance banking beneficiaries. Currently, under the TLTB and Department of Social Welfare partnerships, landowners and social welfare recipients are enjoying similar benefits which contribute to the Government of Fiji’s objectives of national financial inclusion and a cashless society.
