Financial institutions responsible for inclusion, says official

IT is the role of all financial institutions to drive financial inclusion and offer relevant banking solutions to encourage people to do banking, a Bank South Pacific (BSP) official says.
BSP’s digital general manager Nuni Kulu said this when giving insight into the bank’s commitment to digital innovation.
Kulu said the bank offered mobile banking services that accommodated all literacy levels.
“As for the current unbanked who are still accustomed to using cash, it is the role of all financial institutions to drive financial inclusion and offer relevant banking solutions to encourage our population to deposit value through the use of digital solutions,” she said.
“We have made the session time free, the customer does not require mobile credits to carry out their payment or financial transaction, all they need is an active SIM and a mobile device.”
Kulu said the impact of the Covid-19 on the economy had resulted in an increased budget deficit from K4.6 billion to K6.6 billion and the pandemic had acted as a catalyst in changing the way business was done by accelerating alternative contactless digital payments, driving existing digital banking solutions and alleviating geographical dependencies on service reach for the business sector.