Samoa’s Financial Institutions Under the Spotlight

The Central Bank of Samoa has reaffirmed its commitment to maintaining a sound and reputable financial system, with the ultimate goal of safeguarding the interests of depositors, creditors, policy holders, and unit holders.

Regulatory Framework

The Financial Supervision Department is responsible for regulating, licensing, and supervising Samoa’s financial institutions. This ensures that they operate in accordance with international standards and best practices. The department focuses on detecting early signs of weaknesses in financial institution performances and overall financial conditions through:

• Regular on-site reviews
• Analysis of financial information and reports provided by financial institutions
• Measurement against the Bank’s prevailing prudential standards and requirements

Licensed Financial Institutions

As of January 31, 2018, Samoa’s financial system comprises:

• Four commercial banks
• Six insurance companies
• Four brokers
• 17 insurance agents
• The Samoa National Provident Fund (SNPF)
• The Samoa Housing Corporation (SHC)
• The Development Bank of Samoa (DBS)
• The Unit Trust of Samoa (UTOS)

Additionally, there are:

• Twelve Money Transfer Operators/Restricted Foreign Exchange Dealers
• One Money Changer operating in the country

Publicly Accessible Information

The Central Bank provides various prudential statements, guidelines, and reports for public reference, including documents on:

• Banking system data
• Commercial bank rates
• Fees
• Charges

Objectives of Financial Supervision Department

The department’s objectives are clear: to maintain confidence by promoting a sound and stable financial system for customers and the general public. By working closely with licensed and supervised financial institutions and intermediaries, the Central Bank aims to ensure that Samoa’s financial system remains:

• Resilient
• Secure
• Protecting the interests of all stakeholders involved