RBF urges people to refrain from participating in deposit schemes offered by unlicensed individuals or entities

RBF Business

RBF urges people to refrain from participating in deposit schemes offered by unlicensed individuals or entities

By Dhanjay Deo

11/11/2021

Reserve Bank of Fiji

The Reserve Bank of Fiji says people should refrain from placing deposits or participating in deposit schemes offered by unlicensed individuals or entities.

It says these unlicensed individuals and/or entities are promising higher interest rates on investments to lure the public into their fraudulent schemes.

The RBF adds as per the Banking Act 1995, no entity or person is to accept deposits from the public unless approved and licensed by the Reserve Bank of Fiji.

Only the following financial institutions are authorised by the Reserve Bank of Fiji to accept deposits from the public:

1. ANZ Banking Group Limited;

2. Westpac Banking Corporation;

3. Bank of South Pacific Limited;

4. Home Finance Company Limited (T/A HFC Bank);

5. Bank of Baroda –Fiji operations;

6. BRED Bank (Fiji) Limited;

7. Fiji Development Bank;

8. Credit Corporation (Fiji) Limited;

9. Kontiki Finance Limited;

10. Merchant Finance Limited;

11. BSP Finance (Fiji) Limited.