Solomon Islands Opposition leader Matthew Wale is questioning the ongoing silence and inaction of the Central Bank of Solomon Islands (CBSI) over BSP Bank’s recent imposition of new banking fees.
Wale said that CBSI must explain what concrete steps it is taking to protect ordinary Solomon Islanders.
“It has been more than a week since this unjustifiable fee came into effect, and we have yet to hear a single word from CBSI,” Wale said.
“The Central Bank is not a bystander in these matters. It is the regulator, and its silence is simply not good enough,” he added.
Wale also questioned the silence of major stakeholders in the country’s economic and labour space, including the Solomon Islands Chamber of Commerce and Industry (SICCI), the Solomon Islands Council of Trade Unions, and the Solomon Islands Public Employees Union.
“SICCI should be concerned that legitimate business activity is being penalised, while SICTU and SIPEU should be standing up for the financial rights of workers, especially public servants and employees in rural and remote areas. Why the silence?”
“The real economy is being hit. Our workers, our small businesses, our schools and our churches are feeling the effects. Yet those who claim to represent them seem to be silent.
“This is very troubling.”
In-depth Solomons last week reached out to both CBSI and BSP for comments when Wale raised the issue but none of those parties responded to our emails.
Wale urged CBSI to urgently intervene, stating that the CBSI not only has the authority, but the legal duty, to regulate such banking practices in accordance with its statutory functions under the CBSI Act and the Financial Institutions Act.
“CBSI is not a neutral observer.
“It is the regulator. It has the legal mandate to supervise financial institutions in the public interest.
“If this fee is punitive or exploitative, then CBSI has a duty to act.
“Are they saying that BSP can charge whatever fee they want, whether 1% or 100%? Their continued silence is a failure of that duty,” Wale said.
The Opposition leader said CBSI must either direct BSP to withdraw the fee or publicly justify its regulatory position on why such a charge is permissible under Solomon Islands law.
“Our people deserve transparency and protection.
“CBSI’s failure to act emboldens unfair practices and erodes public trust.
“It must not allow commercial interests to outweigh the rights and welfare of ordinary Solomon Islanders. The law expects more than silence,” Wale said.
Since 28 June 2025, BSP, which claimed itself to be the largest bank in Solomon Islands, has been imposing a 1% fee on all cash deposits and withdrawals of SBDS20,000 or more per day, per account.
Wale described the increase as an unreasonable charge that will penalize legitimate economic activity of everyday Solomon Islanders.
“This is an unjustifiable fee on people simply trying to access or manage their own money.
“Many Solomon Islanders, particularly those in the villages, those running small businesses, schools, or churches, are forced to operate in cash.
“This fee punishes them for circumstances they did not choose.”
He said such a fee will further affect Solomon Islanders through institutions such as DBSI.
“Many customers of DBSI are ordinary Solomon Islanders who repay their loans in cash.
“DBSI, who banks with BSP, will then be charged 1% for its deposits.
“If DBSI deposits 300,000 per day, it will be charged 3,000 per day. It is not hard to imagine how this will then affect DBSI interest rates.
“CBSI must clamp down on this.”
Wale explained that the fee ultimately penalizes those excluded from digital finance, rather than encouraging digital migration.
“If BSP’s rationale is promoting digital banking, it should be investing in access, education, and incentives, not punishing the very people who are not yet equipped for it.”
Wale said such a fee is unjustifiable when compared to the other financial institutions in the country.