A COMPREHENSIVE feasibility study concerning the establishment of a dedicated Resource Owners and MSME Investment in Fiji has been successfully completed by Fijian Holdings Ltd (FHL) in collaboration with the Ministry of iTaukei Affairs.
This initiative, strongly supported by the Great Council of Chiefs, the iTaukei Resource Owners Forum and the Government, aims to enhance financial inclusivity and economic empowerment of iTaukei resource owners and local micro, small, and medium enterprises.
The study, conducted by Invexa Business Solutions Ltd and partly funded by the Government through the iTaukei Affairs Ministry, has determined a robust business case for establishing a bank that caters specifically to the unique needs of resource owners and MSMEs.
As a result of the findings, the report among others, recommends transforming Merchant Finance Ltd to provide tailored lending facilities to this segment.
Minister for iTaukei Affairs Ifereimi Vasu expressed satisfaction with the outcomes of the study.
“When I assumed office, my primary concern addressed to FHL was about devising ways to lower the barriers for resource owners to access financial services. I am delighted to announce the feasibility study supports the viability of such an initiative and outlines the strategic steps to implement it effectively,” Mr Vasu said.
He assured the key recommendations of the feasibility study will be presented to Cabinet for further deliberation and action.
“Resource owners now have another viable option in Merchant Finance Ltd.
“This initiative answers my initial query to FHL and paves the way for significant economic advancement for our communities.”
During the report handover, FHL group CEO Jaoji Koroi highlighted the significance of the solesolevaki framework in enabling this important study.
“FHL is committed to supporting the Government’s efforts in boosting the economic potential of our resource owners and enhancing the growth of MSMEs through accessible financial services,” Mr Koroi said.
“This initiative is linked directly to the purpose for the establishment of FHL, which is to accelerate iTaukei participation in business.”
The report also noted other areas the Government needs to address and include setting up of a robust credit-enhancement scheme and incubator/accelerator training facilities.
