Samoa’s Congregational church to set up bank

The Congregational Christian Church of Samoa, (EFFKS), plans to establish a loan firm, then eventually, a commercial bank.

According to General Secretary, Reverend Dr Iutisone Salevao, the proposed bank will be funded from the church’s To’omaga Fund, a fund which already exists to provide financial assistance to parishes.

“The fund is close to ten million tala at the moment and we are looking to allocate anywhere between two and five million tala to the proposed venture.

“The loans firm and the bank would be to help church members.”

Savelvao says the church doesn’t plan to extend these services to the general public.

The church’s decision enter the finance sector follows the opening of its TV Station.


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News category: Asia Pacific.

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