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What's NewRural e-Banking ProjectNBV has launched a major project to improve access to financial services for rural households and businesses. Specifically, the project will introduce e-banking innovations to its already impressive island banking activities. Many rural households in Vanuatu are without access to secure and convenient financial services. In some remote areas, government workers and teachers who receive salary payments into their bank accounts must make expensive, time-consuming trips to the nearest NBV branch to collect their money. Local farmers have resorted to burying their money in ‘Milo’ tins in the ground, rather than face long trips to town to deposit money. NBV’s Managing Director, Bob Hughes explained, “At NBV, we’ve steadily improved our banking and microfinance services through a growing network of 21 branches spread throughout the country. We are proud to be the only commercial bank in Vanuatu that provides banking services in rural areas. Over the past 4 years, we have successfully lent more than Vt 0.5 Billion in small loans to rural ni-Vanuatu businesses. Nevertheless, we still struggle to serve the smaller and more remote villages that will be targeted through this project. Once scaled-up, this technology will give rural populations an alternative to the current ‘Milo tin deposit’” as well as increased access to small business loans. In the island branches, components of the e-banking system will be solar-powered and data communication will be through the recently expanded GSM network. The Rural e-Banking Project will utilise and build upon NBV’s existing infrastructure: its electronic banking and IT systems, rural branch network, microfinance department and HR department. The project truly is a whole-of-bank effort.
2008 Results ReleasedVanuatu's own bank, the National Bank of Vanuatu (NBV) has recorded its seventh successive year of record profit. In delivering the 2008 annual report and audited accounts to the Minister of Finance, Managing Director Bob Hughes said the continued commitment of staff has ensured the profitable result. "This profit is returned to the people of Vanuatu - some paid as a dividend to the Government and the remainder reinvested to improve and extend banking services throughout the country." NBV's Board of Directors and Executive Managers have continued to function with complete independence from the shareholder (the Vanuatu Government) and within the strictly commercial terms stipulated in the international-standard regulatory requirements of the Reserve Bank, Mr. Hughes said. NBV now employs 161 staff, of which 157 are ni-Vanuatu including four Executive Management positions. "We have a great team of dedicated staff who have supported the Bank's core strategies to keep the only local bank moving forward," Mr. Hughes said. "Rural banking has many challenges, and NBV recognises there are many areas in which the bank can continue to improve and develop. "We invest heavily in both human and technical capacity to serve this end. For example, NBV has recently created a dedicated Rural Banking Services Department, including the appointment of an experienced ni-Vanuatu Executive Manager," Mr. Hughes said. A highlight of the rural banking services is the micro-loan product delivered via NBV bank officers that visit villages by motorbike, the managing director said. "Since 2005, NBV has successfully lent more than VT 600 million to ni-Vanuatu businesses in rural areas. Micro-loans now make up more than 40% by number of NBV's total loan portfolio. "We're really proud of our achievements and determined to continue to grow the bank and improve our services."
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