Ariel shot of Suva City.

The South Pacific Business Development (Fiji) should consider expanding its services by operating like a bank.

Reserve Bank of Fiji Governor Arif Ali says this as SPBD recently celebrated its milestone of disbursing $250 million in loans since its establishment in 2010.

Ali says SPBD plays a pivotal role in enabling the Small and Medium Enterprise (SME) sector to become a critical component of our national economy and can develop it further if it branches out to become a specialized financial institution.

“It’s something that I value because it ultimately helps with economic development, it creates employment, it lifts people up from the poverty line and makes people stand on their own two feet. It has always been my dream that one day we will have a specialized financial institution. I have hinted to SPBD management and board why don’t they try and go one step to get a license and operate more like a bank or a microbank.”

Ali says SPBD has assisted the SME sector greatly, which has led to it contributing around 18 percent of Fiji’s Gross Domestic Product.