As the country progresses towards cashless payments, Sole Ltd believes it is important that various efficient payment channels are explored and introduced into the market to provide options and value to customers and merchants.
Sole Ltd chief executive officer Mereia Volavola said technology was always evolving and it’s important to incorporate new development and innovation to enhance service delivery.
She added that technology development and innovation were important to address the challenges of everyday lives rather than bringing in solutions that do not fit the local context.
Sole is a Fijian financial technology (Fintech) business that has partnered with the Australian and New Zealand government-supported Market Development Facility (MDF) to make digital financial services more accessible in the Pacific region through its locally developed Sole app.
According to the MDF, less than 50 per cent of Pacific Islanders use formal banking systems, with many relying on informal saving methods and borrowing, especially in remote and rural communities.
It said backed by 41 years of experience working in the Pacific, Sole’s new Fintech app offered a user-friendly digital financial solution for savings, payments, and investments, making it a convenient way to reach the unbanked in the region.
The app has a low and transparent transaction cost for both customers and businesses.
Last week was a groundbreaking moment for Sole Ltd after the public announcement of its Payment Service Provider License that was approved by the Reserve Bank of Fiji.
According to the company the license, issued by the RBF on July 27, 2023 gives full approval for Sole Ltd to provide payments services such as issuing accounts and electronic money, acquiring merchants and facilitating payments and transfers for the people of Fiji.
The company with its Sole Fintech App had undergone a successful six-month test in the RBF Regulatory Sandbox since October 13th, 2022.
Thereafter, on March 7, 2023, it applied for the Payment Services Provider Licence and was granted approval on July 27, 2023.
As a Licensed Fintech, Sole Ltd will now come under the strict supervision of the RBF.
A key requirement is to ring-fence customer funds in a trust account at a supervised licensed commercial bank. Sole Ltd founder Semi Tukana assured the public that Sole Ltd and its Sole app was genuine and legitimate.
Mr Tukana said it was not an app to scam people of their funds nor a Fintech platform to launder dirty money.
He said the Sole app, its systems and operations had been carefully assessed by the RBF before the issue of the license, adding that this app was designed in view of the challenges faced the iTaukei community and was a unique customer-centric approach because it encouraged the traditional practices and values of solesolevaki by empowering them to manage their money wisely.
However, Mr Tukana said it must be made clear that the Sole app could be used by anyone in Fiji regardless of race or religion.
Minister for Rural, Maritime Development and Disaster Management, Sakiasi Ditoka made the public announcement and also launched the Group Wealth Feature that enhances the transparency, accountability and governance of various groups that gather funds or soli.
“Mr Tukana stated that as a people, we are involved in many obligations for our people or vanua, whether it be for school, weddings, deaths, lease distributions, village projects, women’s projects etc. etc.
“We do things communally. That is who we are and what has sustained us over the years and centuries. However, one of the common challenges here in Fiji is the lack of accountability and governance. Many times, through soli or common collection of funds, proper records on funds usage are not maintained and there is absence of good governance. I’m pleased that with the Sole app, every account has a transaction record including your utilities payments,” said Mr Ditoka.
The Sole Fintech app will also introduce group accounts where members of a group can view the transaction history of the accounts. In my view this will increase transparency and accountability.
Groups can now digitally onboard the Sole app and accounts will be activated subject to meeting all required conditions.
The Group Wealth Feature is the first in Fiji and Pacific and will revolutionise the way we conduct our individuals and group transactions.
The company acknowledged that M-PAiSA of Vodafone and MyCash of Digicel had been good forerunners in digital cash payments and introducing it to the people of Fiji.
It said Sole was now taking it to another level to providing a one-stop digital financial application that allows budgeting, savings, investments, purchases of goods and services and instant transfer of funds with very low fees.
