The iTaukei Land Trust Board and Bank of the South Pacific today signed a memorandum of understanding to formalise their working relationship with regard to best practices in land management and financial inclusion for Fiji’s iTaukei Landowners
While speaking at the MOU signing, TLTB Chief Executive Officer, Tevita Kuruvakadua says the objective is to empower iTaukei landowners through the facilitation of financial literacy awareness program to upgrade their skills and knowledge in financial matters to encourage their participation in the social, entrepreneurial and micro enterprise space in Fiji.
Kuruvakadua says the MOU will provide awareness and will be an opportunity to get access to financial products and services to enable landowners to realise the value in sustainable projects that assist supplement their current income streams in line with the policies of TLTB and BSP.
He says this collaboration will also enable landowners to have 24/7 access to their own bank accounts compared to when they had to travel long distances to their nearest branch to access services such as checking their account balances, transfer money to third parties, pay bills, top up their mobile phone credit and track their account history.
BSP Country Head, Haroon Ali says they are ready to help address the challenges faced by the TLTB to distribute lease monies to its rightful recipients and have them access their funds from where they are without having to travel long distances.
BSP’s banking services delivered through Post Offices will also benefit landowners under this agreement where opening bank accounts, deposits, withdrawals, electronic banking services are made affordable and accessible at their localities.
Those with BSP accounts will also get first‑hand information on best financial advice, loan facilities, insurance products and other new initiatives of the bank.