Wale hits hard at CBSI after what he describes as shocking response

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CBSI RESPONSE A SHOCKING ABDICATION OF RESPONSIBILITY: WALE

The Leader of Opposition Hon. Matthew Wale has described CBSI’s recent response to BSP’s unjust fees as a shocking abdication of responsibility.

Read full CBSI’s Response here:  https://sbm.sb/𝐂𝐁𝐒𝐈-𝐬𝐚𝐲𝐬-𝐢𝐭-𝐡𝐚𝐬-𝐭𝐚𝐤/

Responding to CBSI’s Press Release No. 8 of 2025, Hon. Wale said the Central Bank’s failure to take clear and immediate action reflects a serious lack of urgency and leadership.

“What an abdication of responsibility. CBSI says it is taking regulatory steps, but what are those steps? When were they taken? What outcome is expected and when? The people need clear answers, not vague assurances,” Hon. Wale said.

Hon. Wale said CBSI has a statutory and moral responsibility to ensure that banking remains accessible and inexpensive, and that the economy is not adversely affected by unreasonably high bank fees.

“CBSI should not sit back and wait for individual customer complaints before acting. It need not wait. CBSI must not abdicate its responsibility in these matters, especially when it concerns the wellbeing of thousands of Solomon Islanders who are being penalised by these new fees,” Hon. Wale said.

Hon. Wale said CBSI should, at the very least, order an immediate suspension of BSP’s fee increases until a proper determination has been made on their fairness and impact.

“Anything less would be a failure to protect the public interest,” Hon. Wale said.

Hon. Wale said the decision by CBSI to redirect customers to complaints processes, while seemingly appropriate, shifts the burden onto many who are not equipped to navigate it.

“Market vendors, rural communities, school committees, and church groups are the ones affected most. Referring them to formal complaints procedures is not protection. It is avoidance,” Hon. Wale said.

Nevertheless, Hon. Wale urged all BSP customers across the country who are able to take action.

“I call on all BSP customers who can, to formally lodge complaints with BSP and to escalate those complaints to CBSI without delay. Let the bank and the regulator be overwhelmed with the voices of the people they are meant to serve,” Hon. Wale concluded.

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