Honiara, Solomon Islands, April 8, — Solomon Islands will benefit from a new digital payment platform launched today, which will make banking easier, contribute to the digitalization of the economy, and help drive inclusive sustainable economic development. It will also simplify transactions for purchasing goods or sending money and will make payment options easier, including electronic and mobile.
This follows similar projects with central banks in Papua New Guinea, Fiji, Samoa, and Vanuatu to facilitate responsible and inclusive digital financial services in the Pacific. Digital payment systems are important to help drive economic development and bring more people into the formal financial system. According to a survey conducted in , more than 30 percent of adult Solomon Islanders do not have a bank account and lack access to banking services, which means most people rely on cash.
The new platform replaces manual transfers between banks that relied on cheques and caused delays in clearing funds, slowing commerce and economic activity. IFC is working with central banks and other partners across the Pacific to help create this transformative change.
These new platforms are a key step forward for Solomon Islands' economy. They will enable people and businesses to benefit from a modern, resilient financial system, which will contribute to the growth of new financial services, support the nation's capital markets, and help make everyday life easier.
CBSI will also shortly launch a Central Securities Depository, a financial market platform based on an electronic registry holding all government and central bank securities. The Central Securities Depository will be linked to SOLATS in real time, ensuring the safekeeping and accurate recording of securities transactions, increasing efficiency in securities trading, and supporting the development of Solomon Islands' capital markets.
