Prime Minister, Tuilaepa Sa’ilele Malielegaoi, has challenged a Samoan-owned business in New Zealand to expand its horizons. Tuilaepa issued the challenge when he opened the SamoaNZ Finance’s new premises for business on Wednesday evening.
The Prime Minister told the gathering during the opening that he wants to see the money-lending institution, which is owned by shareholders based in Samoa, become a fully-fletched bank in two years time. For the Company’s Manager, Iosefo Bourne, he said the challenge is a good motivator for the company. “We are starting off with consumer and personal finance with similar criteria to other money-lending institutions,” he told the Samoa Observer.
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“Our focus is for our Samoa people as required by the shareholders back in Samoa. The aim is to eventually become a bank so we are happy with the challenge from our Prime Minister.” For Mr. Bourne, the baby steps are extremely important.
“First things first, we must get our systems right and understand the regulations of the banking industry,” he said. “We want to target and service the Samoan community here first before expanding our services to other communities. This is the biggest investment of the Samoan community of Samoa, outside Samoa. “It's a huge challenge and I look forward to make it an attractive proposition for new shareholders to come aboard.
“Since the pre-independence days, we had foreign investors coming into Samoa. Now we are going out of Samoa and investing in a big way, so SamoaNZ Finance is part of that move.” Another initiative of SamoaNZ Finance is to help the farming sector by arranging to bring their produce to sell in Auckland and “therefore helping the Samoa economy.”
SamoaNZ Finance has a skeleton crew at the moment but are looking at expanding as it grows. “We'll be employing Samoan speaking individuals with the right skillset.
“That way we can converse and understand our clients’ needs – however, we will always be looking at innovative ways to expand our client base and if that require us to look outside our people then we are open to that.” Mr. Bourne, who has an extensive knowledge in the banking industry has worked in both banks in Samoa and brings into SamoaNZ Finance a lot of those skills to help get SamoaNZ Finance off to a good start in New Zealand. His vision remains that one day, SamoaNZ Finance will be the fourth bank of Samoa – a challenge that the Prime Minister has already issued.
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