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Rural e-Banking Project

NBV 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.

2009 Results Released

In delivering the 2009 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.

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.

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.

Members of the public may access NBV annual reports (2005-2009) from the "About Us" page.