A community bank being established in Nauru will be in operation from early next year.
The island has operated as a cash economy since the Nauru government revoked the licences of all offshore banks in 2004, and the Bank of Nauru closed in 2006.
The minister of finance, David Adeang, says it is working with Bendigo and Adelaide Bank in Australia to set up the bank.
Mr Adeang says the people of Nauru will soon have access to savings accounts, investment services, term deposits, debit cards and internet banking.
He says a community bank structure means local shareholders will raise the capital that is used to fund the startup of the first bank branch.
He says the government will underwrite the share issue - making up the amount locals have not raised.
He says 900,000 Australian dollars must be raised.