RBF warns against unlicensed deposit takers

Fiji’s Central Bank is advising members of the public against placing deposits or participating in deposit schemes offered by unlicensed individuals or entities.

The Reserve Bank of Fiji says these unlicensed individuals and/or entities are promising higher interest rates on investments to lure the public into their fraudulent schemes.

“As per Section 3 of the Banking Act 1995, no entity or person is to accept deposits from the public
unless approved and licensed by the Reserve Bank of Fiji,” the RBF said in a statement.

The following are the only licensed financial institutions that are authorised by the Reserve Bank of
Fiji to accept deposits from the public:

  1. ANZ Banking Group Limited;
  2. Westpac Banking Corporation;
  3. Bank of South Pacific Limited;
  4. Home Finance Company Limited (T/A HFC Bank);
  5. Bank of Baroda –Fiji operations;
  6. BRED Bank (Fiji) Limited;
  7. Fiji Development Bank;
  8. Credit Corporation (Fiji) Limited;
  9. Kontiki Finance Limited;
  10. Merchant Finance Limited; and
  11. BSP Finance (Fiji) Limited.

“Specific caution is therefore issued in this regard on an entity presenting itself as Global Finance (company registered name Finance Global Investment Pte Limited) which is not a licensed deposit taker in Fiji, and should not be soliciting, accepting, nor given any form of deposits from the general public.”

Photo: RBF

Foodie Night 1327x198 ad(1)
Top Stories