Whats Up

-New Samoa Super $aver Launched
-nbs now Xero Capable
-Asian Development Bank signs nbs

Samoa 
Super $aver

 
The National Bank of Samoa has launched a new innovative savings product – Samoa Super $aver (“SS$”). SS$ is a product designed to assist customers build a savings culture by offering a “loyalty incentive”.

 Chief Executive Officer Tu'u'u Amaramo Sialaoa explains the features of its new savings product Samoa Super $aver

Chief Executive Officer , Tu’u’u Amaramo Sialaoa commented “We aspire to be a good corporate citizen and do what we can to help our community and the Samoan economy. We have a number of new goals and strategies to assist our customers. One of our goals is to offer a sustainable return for depositors” Sialaoa said. 

 

"We also want to facilitate a positive change in Samoans attitude and approach to saving and we have been looking at developing some new products to help achieve this" Sialaoa commented, "we see these as part of our social responsibility obligations" One such product is the new “Samoa Super $aver”. “This product is built around an incentive being offered to customer to save and not withdraw and spend from their SS$ account” Sialaoa explained. 




Sialaoa added “Just like coffee shops and other food outlets provide a reward for loyalty, we are offering the same for good savers. If customers make at least one deposit into their SS$ account per month but don’t withdraw any money from that account for that month, then we’ll pay them a 50% premium on their interest rate for each month they achieve this”. 



Xero Software Capable

Xero is the latest cloud based accounting software  designed for small to medium businesses. nbs has been working with local accountants to put in place the requirements to allow customers to access their bank accounts via Xero.

Jennifer Fruean, nbs Chief Financial Officer believes providing its customers with on line access to their bank accounts will be a game changer for many of its business customers. “It’ll allow much quicker processing of accounts in areas such as bank reconciliation and hence more timely and accurate information. This in turn will assist customers’ decision making” she said.

“By connecting to their bank accounts via Xero, customers or their accountants can import bank statements and categorised them automatically. Bank statement line items from their bank accounts can be matched with transactions created in Xero and reconciled. It’s effortless for customers to keep their accounts accurate and up to date” Fruean explained. 


"As explained via the Xero website, once the customer’s bank is connected to the cloud ledger then every morning their data flows to Xero, where it can be seen by both the customer and their accountant (if they wish). Seamless connectivity means customers can keep their data current without data entry – all they need to do is code their transactions” Fruean said. “It’s overseeing the data and approval rather than data entry, which means less time and fewer errors”.

In addition, the data is auto backed up into the cloud which means customers can access their bank information/statement instantly, anytime and anywhere and thus keeps them abreast of their cashflow position on real time.


Yona Tielu, the Financial Controller for the Samoa Rugby Union, commented "we have been working closely with our accountants and nbs so we can access our bank accounts via Xero. Not only have nbs staff been great to work with, but now we are getting more timely banking data and reconciliations." Yona added "this not only saves a lot of data entry, but it reduces the opportunity of imputing errors and the information is more accessible and accurate - its great!".


Contact your nbs Client Manager or the Business Team for further details

Phone +685 26766 or Email: info@nbs.ws


nbs Partner with Asian Development Bank 

Chief Executive Officer Tu’u’u Amaramo Sialaoa announced that nbs has recently signed up as a partner of the Asian Development Bank. “We cannot underestimate the potential impact that this partnership will have both on the Bank’s customers and also the Samoan economy as a whole” he said.

Through the ADB’s Trade Finance Programme, nbs now has access to a AAA rated credit facility. The Programme is specifically designed to boost international trade, an important area for both nbs' international customers and the Samoan economy. 


"This is the first time the ADB has ventured into the Pacific and we're very honoured and proud to be selected as a partner in this very important programme" Sialaoa commented.


Sialaoa explained "What this means is that we will have enhanced credit facilities available to us to provide guarantee and loan agreements for our international trading customers. 


ADB has provided a $12million annual facility to support trade activity in Samoa". 


Steven Beck, ADB's head of trade finance said "By extending extra financial support to companies and banks engaged in trade finance, we expect to create growth and jobs, particularly in small and mid-sized businesses". Beck further added that "the Trade Finance Programme expansion into the Pacific is supported and co-funded by the Government of Australia's Department of Foreign Affairs and Trade". 


"Being selected to be a ADB partner was a coup for nbs and followed an extensive due diligence process by the ADB as well as our attendance at a training workshop run by ADB in Fiji last year" Sialaoa said. "This is another example of the respect the bank is achieving both in Samoa and overseas as it continues to evolve into an internationally recognised trading bank supporting Samoan businesses".


Contact your nbs Client Manager or the Business Team for further details

Phone +685 26766 or Email: info@nbs.ws


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