Remember Your Role as Regulators

LITIA MATHEWSELL
nadi
Pacific Islands Inclusion Working Group (PIWG) chair Gane Simbe yesterday reminded bankers and financial policy makers to set out clear regulations for service providers.
The 12th PIWG meeting yesterday began in Nadi, where policy makers and regulators from over 30 countries are gathered to share ideas and review policies on improving financial inclusion in their respective countries.
“I would like us to remember that that as regulators, we need to ensure that our regulations are clear for providers of these services,” Mr Simbe said.
“Sometimes they blame us for having regulations that are not well defined so you have to understand how they are placed,’’ noted Mr Simbe, who is Deputy Governor of the Central Bank of Solomon Islands.
Mr Simbe emphasised the working group’s overall goal of serving disadvantaged sectors of society.
“Our mission is to bring to people who are currently not served access to be part of this transformational change of people to financial services.
“And also to be educated so that they can be confident to use their money wisely and then through savings, create investments that will build their welfare in society.”
He also echoed earlier sentiments by RBF Governor Barry Whiteside to avoid being too enthralled with progress made as more needed to be done.
The two-day meet is jointly hosted by the Reserve Bank of Fiji and the Alliance for Financial Inclusion.
They are also co-hosting the 4th Financial Inclusion Peer Learning Group meeting that begins tomorrow.
Feedback: litiam@fijisun.com.fj