and shortcomings. some of these issues may seem trivial but it is important that they be addressed sooner than later. acknowledging the challenges and yes, there are challenges facing the credit union movement in this country. but as stakeholders and partners in promoting credit unions in the country, we all need to respond to these challenges. bis central bankers ’ speeches it is also important that we return to the original principle of credit unions – the idea that established credit unions in the country, that is, to harness and build a brighter future for our people and the economy. credit unions have a lot to offer for their members and the nation, if the right legal and institutional frameworks are in place. conclusion in concluding, let me re - iterate that given the important role that credit unions play in the economy, the central bank pledges its continued support to the credit union movement in the country. and our co - hosting of this event to commemorate the international credit union day today is a reflection of that support. thank you very much. bis central bankers ’ speeches

market requirements and developments, as our economies respond to new demands and opportunities. that being said, i also believe that there is a need to also recognise that there must be a balance of innovation and regulation, as we strive to make our payment systems faster, safer, more efficient and interoperable. the nps project has proved that stakeholders can do this together – by sharing knowledge, experiences and resources. the central bank aims to achieve our mandate and objectives in ensuring financial system stability and monetary policy while promoting financial inclusion. at this juncture, i wish to remind the financial industry that with the national payment system infrastructure in place, you now have the opportunity to create unique opportunities for enhanced payment mechanisms for commerce in the future. i am particularly interested to see the interoperability of payments systems in the country where e - payments, mobile phones and the internet will integrate with the nps infrastructure to ensure settlements are done in real time, enabling the ordinary person to make payments fast, efficiently and cost effectively. let me close by, once again, extending our gratitude to the ifc and wbg for their technical support and constant guide in this important reform work, to strengthen the legislative framework and modernizing the national payment system to meet international standards. i also acknowledge the donors and the development partners for the funding support that has made it possible for solomon islands to benefit from the financial market infrastructures i also extend my deep appreciation to the participating banks and your hard - working project teams for having faith in the project and believing in the benefits that this great initiative will bring to the people of solomon islands. overall, i am grateful for the general support to the cbsi project team. despite the odds, we have proved our resilience and i am overwhelmed with joy by the commitment and collaboration displayed by all parties to bring about positive changes to the lives of our people. thank you. 3 / 3 bis - central bankers'speeches