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.

With support from the World Bank, the Western Balkan economies are making significant progress in aligning their national payment systems with EU standards as part of their accession goals.

The product which was developed by the Pacific Insurance and Climate Adaptation Programme, will be piloted in Samoa over the next 12 months.

KEP Trust plans to on-lend the proceeds of the senior, unsecured loan to micro-, small and medium-sized enterprises (MSMEs).

International Finance Corporation will invest up to $4 million equivalent in Samoan Tala to boost access to finance for small and medium enterprises particularly women-led businesses and SMEs focused on agriculture.

The new national digital payment platform, the Samoa Automated Transfer System (SATS), is expected to increase access to the financial system for all Samoans.

Microfinance-supported entrepreneurs have exhibited the same resourcefulness that has characterized many other small businesses during the pandemic. At the same time, they face a variety of ongoing challenges.

The initiative, known as the Debt Resolution Project, is expected to create a safety net for businesses and investors, improving access to credit, especially for small and medium enterprises.

The facility has been provided under IFC’s Small Loan Guarantee Program (SLGP), a programmatic approach to risk-sharing that aims to strengthen the capacity of financial institutions to finance SMEs in low-income countries.