Our Telekom Announces Strategic Partnership with SINPF to Enhance Financial Services through M-SELEN Platform.
OUR TELEKOM, the leading telecommunications provider in the Solomon Islands, is delighted to announce a new strategic partnership with the Solomon Islands National Provident Fund (SINPF). This partnership is poised to enhance financial transactions for youSave members by integrating the youSave scheme with Our Telekom’s innovative M-SELEN Mobile Money platform. Christina Lasaqa, CEO of Our Telekom, expressed her enthusiasm about the collaboration, stating, “Thank you to our team and the SINPF for your hard work and collaboration. As we have previously integrated youSave with Telekom’s mobile network, transitioning to the M-SELEN platform is a pivotal step towards a centralized and secure digital platform. This advancement is particularly vital for our customers in rural areas, targeting the informal sector and focusing on empowering women who are integral to the savings clubs. By centralizing these services on the M-SELEN platform, we are enhancing convenience, security, and efficiency across the board. We are grateful for the continued trust and partnership with SINPF, as Our Telekom is a proud subsidiary. Together, we are committed to driving digital transformation across the country. Thank you to everyone involved for your dedication, making this partnership possible and allowing us to reach this momentous day.”
Mike Wate, CEO of SINPF, commented on the partnership, stating, “Thank you once again, CEO of Telekom and your team, for coming here to sign this agreement and pilot this project. The journey has been long, starting back in 2022. We knew from the beginning that our partner would be Solomon Telekom, given our longstanding relationship developed through the youSave initiative. Our partnership has grown over the years, as we understand each other’s business perspectives and objectives.
Although we operate at arm’s length, with both entities striving to generate profits for our respective shareholders, our shared goal is to serve our members effectively. This new arrangement is a testament to our robust partnership, and we are excited to offer this new product to youSave members to encourage more savings. This aligns with our objective to enable our members to secure loans in unforeseen circumstances. I am grateful to my team and reaffirm that Solomon Telekom is our go to partner for digital innovation, helping our members enjoy front-line services. Thank you very much.”
This partnership will facilitate the seamless collection of deposits, loan disbursement and repayments directly through the M-SELEN platform, providing a streamlined and secure transaction experience for all youSave members. It reflects Our Telekom’s commitment to leveraging technology for financial inclusion and represents a significant stride towards enhancing the financial landscape in the Solomon Islands.
About Our Telekom:
Solomon Telekom Company Limited (Our Telekom) is a local private company with majority shareholding by Solomon Islands National Provident Fund, (SINPF) which holds 97.32% of the shares, and the Investment Corporation of the Solomon Islands (ICSI), which owns 2.68% of the shares. Our Telekom is a full-service provider with the largest mobile footprint in the Solomon Islands. Services include; Mobile 2G/3G/4G LTE, Fixed lines, VDSL & GPON, Wired/Wireless Broadband, FTTP, IPVPN, Domain & email provisioning, DR facilities management, Co-location, IT desktop services, IPLC services, Television services, and VOD services and Our Telekom’s Mobile Money Business, M-SELEN, is a pioneering mobile money service in Solomon Islands, offering secure and convenient financial solutions. M-SELEN is committed to improving financial inclusion, ensuring financial access for all, and driving financial growth in the region.
About SINPF:
The Solomon Islands National Provident Fund (SINPF), established by the Solomon Islands National Provident Fund Act 1973 and operational since October 1, 1976, is a defined contribution fund. Members contribute a minimum of 5% of their salary with the option for voluntary contributions in increments of 10%, while employers are legally obligated to contribute 7.5% of an employee’s salary. The Board ensures a minimum statutory crediting rate of 2.5% annually by September 30th (as per SINPF Amendment Act 2018). Recognized as a financial institution under the Financial Institutions Act (FIA) since 2003, the SINPF is subject to oversight by the Central Bank of Solomon Islands (CBSI). The financial year ends on June 30th. The Minister of Finance has ultimate authority, while a Board of Members (Trustees) – appointed for up to three years with a maximum of eight directors – sets policy and makes operational decisions.
