No license

There is confirmation from the Reserve Bank of Fiji this hour that it has not issued a banking license to a company which is currently setting up in Namaka.

Fijivillage has obtained information including photos of the office with a signage put up which reads "Native Bank of Fiji".

Upon investigation, we have discovered that the office space is expected to be accommodated by a group of foreigners.

No information is forthcoming at this stage on why they have put up the sign Native Bank of Fiji when it has not received a license from the RBF.

We spoke to the RBF Governor Sada Reddy.

Following that, a RBF statement said that there have been enquiries on what is assumed to be a "new" bank operating in Fiji with the name Native Bank of Fiji.

The RBF said it is aware that a newly registered company had used the word "bank" as part of its title signage on its proposed place of business.

The RBF has directed the company to remove the word "bank", as this is a direct contravention of section 5 of the Banking Act 1995, which restricts the use of the word "bank", without prior approval of the RBF or the Minister of Finance.

In light of this incident, the Reserve Bank wishes to notify the general public to refrain from conducting any business dealings with persons purporting to be representatives of the Native Bank of Fiji and to report any suspicious incidents to the RBF.

Under the Banking Act, it is an offence to conduct banking business in Fiji without a valid license.