DEBTORS must pay their loans on time as money need to continue circulating in the economy, says Fiji Development Bank (FBD) chief executive officer (CEO) Saud Minam.
While answering questions from this newspaper regarding clients settling their debt, he said FDB was “in a very comfortable position” but clients needed to understand that repayments have to be done so it could be used for other purposes.
“Our customers are very responsive and I’ve been very vocal and very upfront about this.
That this is the bank which supports you, as MSME (micro, small and medium enterprises) and SME (small and medium enterprises) and the Agriculture Department, our customers, whereas some of the other banks can’t even come close to them,” Mr Minam said.
“So, my request to everyone is that yes, while we are supporting, we need that money to be coming back to us.
I mean not only because that we need the money back because you got to understand that at the end of the day the Government of Fiji is supporting indirectly.
“We need to support our Government; we need to drive this economy in that way.”
He said timely repayment would not only increase clients’ chances of a refinancing upgrade but also help Government support other segments.
“A lot of people have this mind-set that it’s a government bank and the Government has given the money, so we don’t have to pay. No, it’s not true.
“Because, tomorrow morning God forbid, if there is a cyclone, and Government has to come back again and support these segments, where are they going to get the money from?
“That’s why we need to have money in circulation.
And it’s always a very ethical thing to do if somebody helps you at the time of need, you don’t just turn around, say ‘no, I’m not going to return it.”
Mr Minam said all in all, there was a need to have “the right culture in the mind-set of people”.
