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Partnership to boost new innovative financial services for Tongans

Radio & TV Tonga, Nuku’alofa, 20/02/2019

 The Pacific Financial Inclusion Programme (PFIP) and the Tonga Development Bank (TDB) are working together to increase access of financial services to more Tongans especially women and children.

Tonga Development Bank yesterday launched a new partnership program with the Pacific Financial Inclusion Program – PFIP for their newly developed online banking program known as Ave Pa’anga Pau – APP.

The partnership would help make it easier for Tongans living in New Zealand and migrant workers to send money home and access other financial services.

TDB Chief Executive Officer Leta Kami said that the new partnership would ensure greater financial access for Tongans.

Kami says that they will be able to offer more digitalized financial services that will make it easier for Tongans living abroad as well as the seasonal workers to not only send money home but to conduct other transactions like paying for school fees, mobilizing pension funds, or simply to have money saved up for when they return home.

Meanwhile, the PFIP Deputy Programme Manager – Krishnan Narasimhan elaborates on the significance of this partnership for Tonga as he understands remittances is one of the major sources of foreign income earning for the country.

“ In today’s world, the power of digital has to be unlocked to make life easier for us. and they can use that for sending home remittances. “

APP was first launched last year and currently has around 1,500 registered customers and is the cheapest remittance option in the market.

Tonga Development Bank hopes this partnership with PFIP will broaden this remittance product to include other financial services like insurance and school fees payments.

© Radio and Television Tonga News