FDB Chief executive, Mike Clough [Source: FDB]

The Fiji Development Bank says they are providing financial literacy to farmers who take loans from them.

This comes after the bank recorded an increase in applications for loans from farmers.

Chief executive, Mike Clough says out of the 1, 251 loan approvals in 2017, 831 applications were from the agriculture sector.

“Our new product, the agricultural family loan scheme which was launched in November last year is an example where we like to encourage customers to be more financially literate. We provide financial literacy training as well.”

Clough says the bank has a market share of 99% for sugarcane and 47 % for agriculture.

He says it is important therefore to provide financial literacy to farmers.