{"id":24490,"date":"2024-06-03T14:55:02","date_gmt":"2024-06-03T01:55:02","guid":{"rendered":"https:\/\/talamua.com\/?p=24490"},"modified":"2024-06-03T14:55:02","modified_gmt":"2024-06-03T01:55:02","slug":"ifc-and-nbs-partner-to-expand-financial-inclusion-in-samoa","status":"publish","type":"post","link":"https:\/\/talamua.com\/?p=24490","title":{"rendered":"IFC and NBS Partner to Expand Financial Inclusion in Samoa"},"content":{"rendered":"<p><strong>Apia, Samoa, 03 June 2024<\/strong> &#8211; The National Bank of Samoa (<strong>nbs<\/strong>) is developing a suite of new banking products that would benefit women entrepreneurs and improve remittances in Samoa with the support of IFC and the New Zealand Government.<\/p>\n<p>The new products include tailored financial offerings for women entrepreneurs and a remittance product designed specifically for the needs of both overseas Samoans looking to send money home and their family and friends who are recipients of these remittances.<\/p>\n<p>As part of <strong>nbs<\/strong>\u2019 commitment to serving the unique needs of its community, the new pioneering remittance product will be designed and developed specifically for Samoans.<\/p>\n<p>&#8220;Our goal is to offer a low-cost, sustainable, and reliable financial service that resonates with the Samoan way of life,&#8221; said Sam Swann, CEO of <strong>nbs<\/strong>.<\/p>\n<p>\u201cThis initiative is not just about remittances; it\u2019s about fostering financial inclusion, enabling more Samoans to embrace banking, save effectively, and access opportunities that enhance their economic well-being.&#8221;<\/p>\n<p>Currently, about half of adult Samoans don\u2019t have access to formal financial services while the remittance landscape in the Pacific predominantly features cash-to-cash transfers, which have higher costs by global standards.<\/p>\n<p><strong>nbs<\/strong>\u2019 new, innovative digital remittance platform, tailored for Samoa, is designed to be economical and convenient, ensuring that Samoans can send and receive money with ease, fostering greater financial empowerment.<\/p>\n<p>\u201cWe are delighted to support <strong>nbs<\/strong> in creating a broader suite of products for Samoans. It signals a deepening of our partnership with the bank,\u201d said\u00a0Judith Green, IFC Country Manager for Australia, New Zealand, Papua New Guinea and the Pacific Islands<em>.<\/em><\/p>\n<p>\u201cOur support in Samoa leverages lessons we learned in helping to set up a similar product in Tonga. We plan to work with partners elsewhere in the Pacific to replicate digital payment systems, which help increase financial inclusion and support economic prosperity and growth.\u201d<\/p>\n<p>IFC\u2019s work with <strong>nbs<\/strong> will build on the successful introduction of a remittance product in 2017 which resulted in 2,000 Tongans opening new bank accounts and encouraged more Tongans to save.<\/p>\n<p>&#8220;Enabling easier participation in the formal financial system leads to increased economic opportunities. The Government of Samoa is exploring the development of a digital remittance system for Samoa which will enable better education, healthcare, housing and other household needs,\u201d said New Zealand High Commissioner to Samoa Her Excellency, Si&#8217;alei van Toor.<\/p>\n<p>\u201cNew Zealand is proud to support the National Bank of Samoa on this work, which we hope will contribute to greater financial wellbeing for the people of Samoa,&#8221; said Si&#8217;alei van Toor.<\/p>\n<p>The digital shift requires users to have bank accounts, paving the way for enhanced financial inclusion. The new system is expected to encourage a broader demographic to engage with banking, thereby facilitating better savings habits and financial security.<\/p>\n<p>In addition to the remittance service, IFC is also providing advisory support to n<strong>bs<\/strong> to enhance its risk management systems and gender finance services. This collaboration will further enable the development of innovative financial products, especially for women entrepreneurs in Samoa, empowering them to grow their businesses and contribute to the local economy.<\/p>\n<p>Research undertaken shows that women-owned SME businesses in Samoa face greater difficulties in accessing finance \u2013 by addressing this need it will also help <strong>nbs<\/strong> further diversify its loan portfolio whilst helping the broader Samoan economy. The research also shows there are opportunities to increase financial inclusion among women in Samoa.<\/p>\n<p>The initiatives announced today mark a deepening of the strategic partnership between <strong>nbs<\/strong> and IFC, building on a previous IFC investment in the form of an eight-year unfunded risk-sharing facility in <strong>nbs<\/strong> in June 2023 to boost financing for small and medium-sized businesses and will help to introduce services that anticipate future demands, ensuring long-term resilience and prosperity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apia, Samoa, 03 June 2024 &#8211; The National Bank of Samoa (nbs) is developing a suite of new banking products that would benefit women entrepreneurs and improve remittances in Samoa with the support of IFC and the New Zealand Government. The new products include tailored financial offerings for women entrepreneurs and a remittance product designed [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":24491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[2,177],"tags":[59,2498,3863],"class_list":["post-24490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest","tag-featured","tag-financial-inclusion","tag-national-bank-of-samoa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IFC and NBS Partner to Expand Financial Inclusion in Samoa - Talamua Online<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/talamua.com\/?p=24490\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFC and NBS Partner to Expand Financial Inclusion in Samoa - Talamua Online\" \/>\n<meta property=\"og:description\" content=\"Apia, Samoa, 03 June 2024 &#8211; The National Bank of Samoa (nbs) is developing a suite of new banking products that would benefit women entrepreneurs and improve remittances in Samoa with the support of IFC and the New Zealand Government. The new products include tailored financial offerings for women entrepreneurs and a remittance product designed [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/talamua.com\/?p=24490\" \/>\n<meta property=\"og:site_name\" content=\"Talamua Online\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-03T01:55:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/talamua.com\/wp-content\/uploads\/2024\/06\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"680\" \/>\n\t<meta property=\"og:image:height\" content=\"510\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Release\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Release\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/talamua.com\\\/?p=24490#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/talamua.com\\\/?p=24490\"},\"author\":{\"name\":\"Press Release\",\"@id\":\"http:\\\/\\\/talamua.com\\\/#\\\/schema\\\/person\\\/f1673517169a09812e76a0f0767571ff\"},\"headline\":\"IFC and NBS Partner to Expand Financial Inclusion in Samoa\",\"datePublished\":\"2024-06-03T01:55:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/talamua.com\\\/?p=24490\"},\"wordCount\":629,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/talamua.com\\\/?p=24490#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/talamua.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1\",\"keywords\":[\"Featured\",\"financial inclusion\",\"national bank of Samoa\"],\"articleSection\":[\"Business\",\"Latest\"],\"inLanguage\":\"en-NZ\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/talamua.com\\\/?p=24490#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/talamua.com\\\/?p=24490\",\"url\":\"https:\\\/\\\/talamua.com\\\/?p=24490\",\"name\":\"IFC and NBS Partner to Expand Financial Inclusion in Samoa - Talamua Online\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/talamua.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/talamua.com\\\/?p=24490#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/talamua.com\\\/?p=24490#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/talamua.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1\",\"datePublished\":\"2024-06-03T01:55:02+00:00\",\"author\":{\"@id\":\"http:\\\/\\\/talamua.com\\\/#\\\/schema\\\/person\\\/f1673517169a09812e76a0f0767571ff\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/talamua.com\\\/?p=24490#breadcrumb\"},\"inLanguage\":\"en-NZ\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/talamua.com\\\/?p=24490\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-NZ\",\"@id\":\"https:\\\/\\\/talamua.com\\\/?p=24490#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/talamua.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/talamua.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1\",\"width\":680,\"height\":510,\"caption\":\"National Bank of Samoa\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/talamua.com\\\/?p=24490#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/talamua.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IFC and NBS Partner to Expand Financial Inclusion in Samoa\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\\\/\\\/talamua.com\\\/#website\",\"url\":\"http:\\\/\\\/talamua.com\\\/\",\"name\":\"Talamua Online\",\"description\":\"&#039;Talamua&#039; in english means the &#039;First Word&#039;\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"http:\\\/\\\/talamua.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-NZ\"},{\"@type\":\"Person\",\"@id\":\"http:\\\/\\\/talamua.com\\\/#\\\/schema\\\/person\\\/f1673517169a09812e76a0f0767571ff\",\"name\":\"Press Release\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-NZ\",\"@id\":\"https:\\\/\\\/i0.wp.com\\\/talamua.com\\\/wp-content\\\/uploads\\\/2022\\\/01\\\/PR.png?resize=96%2C96&ssl=1\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/talamua.com\\\/wp-content\\\/uploads\\\/2022\\\/01\\\/PR.png?resize=96%2C96&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/talamua.com\\\/wp-content\\\/uploads\\\/2022\\\/01\\\/PR.png?resize=96%2C96&ssl=1\",\"caption\":\"Press Release\"},\"url\":\"https:\\\/\\\/talamua.com\\\/?author=4\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"IFC and NBS Partner to Expand Financial Inclusion in Samoa - Talamua Online","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/talamua.com\/?p=24490","og_locale":"en_US","og_type":"article","og_title":"IFC and NBS Partner to Expand Financial Inclusion in Samoa - Talamua Online","og_description":"Apia, Samoa, 03 June 2024 &#8211; The National Bank of Samoa (nbs) is developing a suite of new banking products that would benefit women entrepreneurs and improve remittances in Samoa with the support of IFC and the New Zealand Government. The new products include tailored financial offerings for women entrepreneurs and a remittance product designed [&hellip;]","og_url":"https:\/\/talamua.com\/?p=24490","og_site_name":"Talamua Online","article_published_time":"2024-06-03T01:55:02+00:00","og_image":[{"width":680,"height":510,"url":"https:\/\/i0.wp.com\/talamua.com\/wp-content\/uploads\/2024\/06\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1","type":"image\/jpeg"}],"author":"Press Release","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Release","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/talamua.com\/?p=24490#article","isPartOf":{"@id":"https:\/\/talamua.com\/?p=24490"},"author":{"name":"Press Release","@id":"http:\/\/talamua.com\/#\/schema\/person\/f1673517169a09812e76a0f0767571ff"},"headline":"IFC and NBS Partner to Expand Financial Inclusion in Samoa","datePublished":"2024-06-03T01:55:02+00:00","mainEntityOfPage":{"@id":"https:\/\/talamua.com\/?p=24490"},"wordCount":629,"commentCount":0,"image":{"@id":"https:\/\/talamua.com\/?p=24490#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/talamua.com\/wp-content\/uploads\/2024\/06\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1","keywords":["Featured","financial inclusion","national bank of Samoa"],"articleSection":["Business","Latest"],"inLanguage":"en-NZ","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/talamua.com\/?p=24490#respond"]}]},{"@type":"WebPage","@id":"https:\/\/talamua.com\/?p=24490","url":"https:\/\/talamua.com\/?p=24490","name":"IFC and NBS Partner to Expand Financial Inclusion in Samoa - Talamua Online","isPartOf":{"@id":"http:\/\/talamua.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/talamua.com\/?p=24490#primaryimage"},"image":{"@id":"https:\/\/talamua.com\/?p=24490#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/talamua.com\/wp-content\/uploads\/2024\/06\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1","datePublished":"2024-06-03T01:55:02+00:00","author":{"@id":"http:\/\/talamua.com\/#\/schema\/person\/f1673517169a09812e76a0f0767571ff"},"breadcrumb":{"@id":"https:\/\/talamua.com\/?p=24490#breadcrumb"},"inLanguage":"en-NZ","potentialAction":[{"@type":"ReadAction","target":["https:\/\/talamua.com\/?p=24490"]}]},{"@type":"ImageObject","inLanguage":"en-NZ","@id":"https:\/\/talamua.com\/?p=24490#primaryimage","url":"https:\/\/i0.wp.com\/talamua.com\/wp-content\/uploads\/2024\/06\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1","contentUrl":"https:\/\/i0.wp.com\/talamua.com\/wp-content\/uploads\/2024\/06\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1","width":680,"height":510,"caption":"National Bank of Samoa"},{"@type":"BreadcrumbList","@id":"https:\/\/talamua.com\/?p=24490#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/talamua.com\/"},{"@type":"ListItem","position":2,"name":"IFC and NBS Partner to Expand Financial Inclusion in Samoa"}]},{"@type":"WebSite","@id":"http:\/\/talamua.com\/#website","url":"http:\/\/talamua.com\/","name":"Talamua Online","description":"&#039;Talamua&#039; in english means the &#039;First Word&#039;","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"http:\/\/talamua.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-NZ"},{"@type":"Person","@id":"http:\/\/talamua.com\/#\/schema\/person\/f1673517169a09812e76a0f0767571ff","name":"Press Release","image":{"@type":"ImageObject","inLanguage":"en-NZ","@id":"https:\/\/i0.wp.com\/talamua.com\/wp-content\/uploads\/2022\/01\/PR.png?resize=96%2C96&ssl=1","url":"https:\/\/i0.wp.com\/talamua.com\/wp-content\/uploads\/2022\/01\/PR.png?resize=96%2C96&ssl=1","contentUrl":"https:\/\/i0.wp.com\/talamua.com\/wp-content\/uploads\/2022\/01\/PR.png?resize=96%2C96&ssl=1","caption":"Press Release"},"url":"https:\/\/talamua.com\/?author=4"}]}},"jetpack_publicize_connections":[],"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pdAiL5-6n0","jetpack_sharing_enabled":true,"amp_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/talamua.com\/wp-content\/uploads\/2024\/06\/National-Bank-of-Samoa.jpg?fit=680%2C510&ssl=1","_links":{"self":[{"href":"https:\/\/talamua.com\/index.php?rest_route=\/wp\/v2\/posts\/24490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/talamua.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/talamua.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/talamua.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/talamua.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24490"}],"version-history":[{"count":1,"href":"https:\/\/talamua.com\/index.php?rest_route=\/wp\/v2\/posts\/24490\/revisions"}],"predecessor-version":[{"id":24492,"href":"https:\/\/talamua.com\/index.php?rest_route=\/wp\/v2\/posts\/24490\/revisions\/24492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/talamua.com\/index.php?rest_route=\/wp\/v2\/media\/24491"}],"wp:attachment":[{"href":"https:\/\/talamua.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/talamua.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/talamua.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}