Chief Executive Saud Minam

The Fiji Development Bank has highlighted plans to enhance its support for Micro, Small, and Medium Enterprises by increasing loans for customers from $5,000 to $15,000.

In line with its commitment to customer empowerment, the bank is also providing a comprehensive literacy program.

Chief Executive Saud Minam announced that the FDB currently serves over 9,000 MSME accounts, highlighting the bank’s dedication to fostering entrepreneurship.

Minam revealed that the FDB complements government grant programs aimed at jumpstarting businesses by offering additional financial assistance through loans.

“We want to move forward with that we want to graduate these entrepreneurs from a $5,000 loans to maybe a $15,000 loan or maybe a $50,000 or what the ones you know, we’re starting the businesses with a very small level. They’ve shown the discipline in terms of the financial discipline, which provides us the comfort. This guarantees also added benefit to us because then we will be able to pass on the risk on those guarantees.”

[The Fiji Development Bank]

This year, Minam states FDB has received a significant influx of loan applications approximately 6,570 from the outer islands, with a majority of the applicants being women.

To aid its customers in augmenting their business value, he says the bank has implemented a comprehensive literacy program, which is readily accessible on the bank’s website.

The CEO adds that by utilizing the financial literacy template available, entrepreneurs can acquire valuable insights into business planning, marketing strategies, and protecting their ventures from fraudulent activities.

Recognizing the importance of inclusivity, the FDB intends to reach out to rural and maritime communities that lack internet access.

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