20 Apr 2023
Stranded without coins: how collaboration helped Kiribati
Greg Edwards |
When an isolated country on the edge of the Pacific Rim runs out of coins, it takes more than a village to solve the problem.
20 Aug 2024
Living the Kiribati values
The Republic of Kiribati - with a population of 120,000 people, scattered across 33 atolls and 3.5 million square kilometres of ocean – is vast and remote.
Without much land mass to develop industry, the government has used its oceanic exclusive economic zone to licence fishing and is now providing 5 per cent of the world’s tuna supply.
"From government, to business, to residents there is recognition that ANZ plays a strong role in financing commerce and trade to help unlock opportunities for individuals, families, businesses and communities.
Without a central bank or currency, ANZ has proudly provided financial services to Kiribati since September 2001.
Recently I visited Kiribati (pronounced “Kiribas”) – which straddles the Pacific equator – to see our team and offer leadership support for the various challenges they have faced.
To say I was impressed by the team is an understatement – but more on this later.
When you fly into the Bonriki International Airport in the capital Tarawa, you land on a renovated World War 2 airstrip. As you prepare to land, you see how the V-shaped Atoll is exposed, being only three metres above sea level.
Larger community
But Kiribati’s isolation should not understate its role in the larger Pacific community. Last month this community came together for the Pacific Banking Forum in Brisbane.
It was attended by ANZ CEO Shayne Elliott, Australian Treasurer Jim Chalmers and ANZ Regional Executive for the Pacific Sarah Stubbings.
The forum underscored the unique role ANZ plays as the major bank in the Pacific with operations in Fiji, Papua New Guinea, Samoa, Vanuatu, Tonga, Solomon Islands, Timor-Leste, the Cook Islands and Kiribati.
As Shayne told the forum, for too long these Pacific countries have been trying to solve problems such as adopting common banking laws, implementing consistent regulation and enhancing regional financial crime efforts on their own – when all part of the solution.
While ANZ enables economic progress of nations like Kiribati, it is strives for greater connections across the Pacific to solve the broader governance and regulatory issues to ensure these nations can access global capital.
A reliable partner
ANZ is the only commercial bank in Kiribati with 59 staff. With no Central Bank, ANZ is the sole supplier of cash and cash management.
When the country ran out of coins as COVID-19 slowed world trade, the nation’s shopkeepers started handing out IOUs to customers instead of change.
ANZ helped solve the problem, loading 4.4 tonnes of coins on a commercial ship, which travelled 7000 miles to ANZ’s Kiribati vaults.
From government, to business, to residents there is recognition that ANZ plays a strong role in financing commerce and trade to help unlock opportunities for individuals, families, businesses and communities.
We have been in the Pacific Island region for more than 140 years – you can only build up such relationships through long term commitments. Still, there are challenges facing ANZ in Kiribati.
I’ve always loved the location of our headquarters at Bairiki Branch – located across from the local sports ground. However, recently the offices and customer areas flooded and then the ceiling partially collapsed last year.
While this was a blow, we are thankful it happened over a weekend during the national independence holiday when no one was at work. The response from ANZ Kiribati Country Head Greg Edwards and the leadership team has been inspiring.
Greg, who has been in the job five years, understands and enjoys Kiribati, its people, its culture and lifestyle – this is crucial when leadership is called the fore.
Greg’s wife is I-Kiribati and he is also on the advisory committee for the Kiribati School and Centre for Children with Special Needs
Such connections lead to a strong workplace culture, which in turn has meant our workers understand what matters to people in Kiribati. Family comes first in every occasion and it’s a form of cultural expression to share, support and help each other.
Finding solutions
ANZ showed its flexibility by maintaining operations from five separate locations – including the Department of Foreign Affairs and Trade Office, a Vodafone shop, Greg’s house and three hotel rooms.
The call centre and markets operations are all still based at Greg’s house and are expected to be there for at least another year.
It was critical ANZ could maintain services to the 20 per cent of the population who have bank accounts. We drew upon subject matter experts from across the ANZ network.
The work of ANZ’s Kiribati staff has been amazing in the face of such difficulties and their efforts have helped ensure business as usual. The fit out of the bank’s new premises will start soon and will take almost a year to complete.
Building together
Despite the adversity, we continue to build our connections with the community.
While visiting Kiribati in early March, we celebrated the International Women’s Day – an important day to support our values and raise awareness of gender equality.
Currently we’re negotiating a partnership with the Kiribati Woman and Children’s Support Centre and we’re working with the United Nations Capital Development Fund to support financial accessibility for customers – both in Tarawa and in the remote Outer Islands.
Despite being ANZ’s most remote location, Kiribati customers are early adopters of digital channels, with more than 200 EFTPOS terminals across the country. Our objective is to continue to educate customers through our Money Minded program.
We will continue to be led by the beautiful culture of Kiribati. If we live its values and lead as a business, will continue to have a real impact and connect it to the world.
Ravendran Achari is Chief Financial Officer and Head of Strategy for ANZ Pacific.
The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.
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