CREDIT UNION SCHEME LAUNCHED IN EAST MALAITA
Honiara : 23 May 2017
The people of East Malaita constituency collectively endorsed a plan to establish a Constituency Credit Union scheme in the presence of their Member of Parliament the, Hon. Manasseh Maelanga, at Faumamanu Market last Saturday.
The people voted in favour of the proposal when Hon. Maelanga put the question to them and pledged to inject $100,000.00 from the RDCF as a guarantee for members.
Mr. Maelanga said the proposal was intended to provide easy access to finance for small projects and also to help people save money.
Once established, it will be the first ever constituency credit union scheme in the country.
Hon.Maelanga said the scheme was open to everyone in the constituency, including women and children.
Community leaders from wards 15 and 16 praised Hon. Maelanga for his vision to register the scheme and also to build an office in Atori to host the administration of the Credit Union.
The launch also coincided with a visit by a team from the Cabinet Sub-Committee on the DBSI to raise awareness about the government’s intention to re-open the defunct bank.
The new business model to re-start the DBSI is aimed at linking existing credit unions and savings clubs in the rural areas.
It is anticipated that rural branches of the DBSI could harmonize the operation of Credit Unions and Savings Clubs in rural areas.
Awareness and consultations on the new DBSI business model and proposed legislative changes to the DBSI Act are continuing.
Source: Solomon Islands Government Press Release.