to capture the operational data and which can be used for analysis by the credit unions themselves and also by the public. i am sure that fiji is not alone in this area of data collection. your colleagues in the pacific probably share the same challenge. information flow and reporting to members on information flow and reporting to members, this is an area i gather that is currently very weak and creates transparency issues. proper, timely and accurate reporting on the operations of the credit unions to members is paramount to ensure transparency. members must not be kept in the dark. dissemination of timely and accurate information is a key ingredient to good governance structure. the use of efficient and effective technology will assist in this area. let me now turn to the important issue of being innovative. credit unions must be innovative in the provisions of its services to compete and to stay ahead. credit unions have the potential and structure to reach people of all walks of life, including the poor. credit unions were founded on the premise of their outreach to the needy and low income earners. in order for credit unions to serve their intended target group and to grow, they need to be innovative in diversifying membership base, their product range and use of new technology. there are many people in our countries that do not have access to credit and financing facilities that are offered through the formal banking sector. within the embrace of the “ common bond ”, credit unions can canvas for a broader membership base by encouraging these people to join. in so doing, it is not enough for credit unions to only offer the traditional savings and term deposit and loan products. savings products must be innovative enough to target the poor. the poor must be given innovative savings products that will enable them to abide by the “ save first ” principle before they can be given a loan. the same applies to their loan products where these are available for all members of the credit union, including the poor. credit unions, thus, should be able to offer a wide array of facilities and amongst others – varying savings and loans products ; ( 2 ) debit and credit cards ; ( 3 ) money transfers ; leasing ; ( 5 ) investment products ; ( 6 ) sell investment instruments & foreign currency and even insurance. in some countries, the list of services offered by credit unions can be quite large. credit unions must resort to the use of technology in order to stay in competition with other financial institutions. various technological innovations are available to enable the provision of services to the members and to the poor. for instance

our countries and it is well within your reach to do so. concluding remarks to sum up, ladies and gentlemen, i want to acknowledge the vital role played by the credit union movements in meeting the needs of our people. the benefits derived from credit unions are manifold as seen from the improvements in the living standards of members. assets are accumulated and savings are encouraged to help improve the livelihood of members. credit unions need to take on board good governance and risk management practices so as to minimise losses to capital and hard earned earnings. the legal framework needs to be reformed to allow for modernisation and innovation. the governance structure is very critical to the success and growth of credit unions. fit and proper guidelines should be followed in the election of committee members. members need to be kept fully informed of the operations of their credit union. data collection through a centralised data system will help in better positioning the credit union industry. lastly, credit unions need to be innovative in diversifying products and use of technology. we believe that the credit union movement is an ideal vehicle to reach the poor and less privileged and i wish to again reassure the movement in fiji that the rbf will partner with you to outreach microfinance development to this sector of our population so as to make a positive impact on the lives of our people. the reserve bank values the contribution made by the credit unions in fiji and hopes that the movement will grow and expand in the future with the right kind of governance framework. i know that you will have a lot to discuss and share in this congress. one of the better ways of success is to learn from one another ’ s experiences and with the attendance, like the one we have here today, i am sure that the outcome of this congress will be a success. with those words, i wish the congress well and it is my privilege and honour to now declare the 2009 credit union pacific congress officially opened. thank you.