The Deputy Leader of the Opposition has commended the government's intention to enact the Samoa Credit Bureau Bill. 

The announcement was made during parliamentary sessions this week.

Lauofo Fonotoe Pierre, a seasoned Member of Parliament representing Anoama'a No.2, voiced his endorsement of the initiative outlined in the Minister of Finance's Budget Address.

Minister of Finance, Lautimuia Uelese Va'ai, highlighted in his address that the government has green-lit the policy for the Samoa Credit Information Registry. This registry aims to mitigate risks for lenders, enhance access to financial resources, and bolster stability in Samoa's financial sector. "This will be the basis for the development of the Samoa Credit Bureau Bill," remarked Lautimuia.

Lauofo underscored the significance of establishing the Samoa Credit Bureau, describing it as a mechanism designed to centralise financial data across banks. Emphasising its importance for banks, he noted that such a bureau would enable better oversight of debts and ensure prompt repayments. 

"Implementing such a system can effectively minimise fraud and unethical practices," he added.

Lauofo Fonotoe acknowledged the government's plans to establish an Anti-Corruption Office, expressing optimism about the potential contributions of these measures in addressing issues within Samoa.

The policy framework for Samoa's Credit Bureau was officially endorsed by the Central Bank of Samoa Governor in August 2022, paving the way for public consultations on the necessary supporting legislation. 

This policy aims to facilitate financial inclusion for small-scale enterprises by allowing them to build transparent credit histories. This, in turn, enables them to access financing using 'reputational collateral' in the absence of tangible assets.

Samoa's inaugural credit bureau was established in 2015 with the participation of key financial institutions such as ANZ Bank Samoa Ltd, National Bank of Samoa, Bank of the South Pacific (Samoa), Samoa Commercial Bank, and the Development Bank of Samoa. 

Governor Maiava Atalina Ainuu-Enari lauded the bureau's launch as a pivotal moment for Samoa's financial landscape, predicting benefits for both lenders and borrowers. "Lenders can gain greater confidence as borrowers establish credit profiles, thereby facilitating enhanced lending and improved access to credit," she remarked at the time.