The partnership between the Fiji Development Bank and Vodafone to disburse funds to customers through M-PAiSA will benefit thousands of Fijians.

FDB Chief Executive, Saud Minam says this partnership will enable them to assist customers who applied for the COVID-19 Recovery Credit Guarantee Scheme.

The Government has provided $200m in their budget allocation towards the scheme.

Minam says they’ve received close to 3, 000 applications as of this morning.

“Out of the 3000, 1100 applications have been approved for a total amount of $21m – so it was an overwhelming response from our customers.”

Minister for Economy, Aiyaz Sayed-Khaiyum says the initiative will allow FDB to make the funds easily available once it goes through the rigorous approval process.

Sayed-Khaiyum says the government will pay the interest on this loan on behalf of the businesses to the financial institution for the first two years.

“If you have a farmer in the upper reaches of Navosa, a farmer who maybe growing yaqona or dalo and they don’t have access to Banks – they’re able to access money through the M-PAiSA. There is ertain limitation is placed in terms of how much cash they can take out.”

Vodafone Chief Executive, Pradeep Lal says the M-PAiSA money wallet has become popular amongst Fijians, providing an easy means of payment.

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