Find Banking and Financial Services expertise in Samoa
The domestic banking sector in Samoa comprises four major commercial banks––ANZ, Westpac, National Bank of Samoa and the Samoa Commercial Bank –– with total assets equivalent to 69% of GDP in 2009. By far the largest players are regional operators ANZ and Westpac. ANZ, which has the larger presence in Samoa of the two, has five branches and close to 150 staff. Like ANZ, Westpac has a strong focus on the business and government sector. The offshore financial sector, first launched in 1998, plays an increasingly important role as a source of foreign exchange earnings, though it is still a minor contributor compared to remittances and tourism.
Regulation of Financial Services
The Central Bank of Samoa is the country’s financial regulatory authority. It was established in 1984 to help control a rising inflation rate and the financial instability in the Samoan economy in the 1970s and 1980s. In accordance with the Financial Institutions Act (1996) the Central Bank also became responsible for the licensing and supervision of financial institutions. In addition to this, the Central Bank of Samoa is now the anti-money laundering authority for Samoa following the Money Laundering Act (2000). The Samoa International Finance Authority (SIFA), established under the Samoa International Finance Authority Act (2005), supervises the Samoan offshore centre to preserve its reputation and promote growth.
Development of Financial Services
The World Bank’s Ease of Doing Business Index (2011) ranks Samoa 5th out of 24 East Asian and Pacific countries in overall ease of doing business, a strong position which is equalled when it comes to protecting investors where it also comes 5th. With regards to getting credit Samoa’s ranking is more moderate, equalling with Indonesia at 16th out of the 24 countries.
|Banking and Financial Services organisations in Samoa|
|National Bank Samoa||