FDB to introduce insurance for MSME’s

May 24, 2023 12:30 pm

In a bid to mitigate the risks faced by micro, small, and medium enterprises, the Fiji Development Bank is considering the introduction of insurance coverage.

Chief Executive Saud Minam emphasized the bank’s dedication to supporting entrepreneurs and ensuring that their policies align with the demands of the contemporary business world.

FDB has secured a guarantee commitment of approximately $7 million from the French Development Agency, which will play a crucial role in expanding benefits and loans for business owners.

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“So these sorts of guarantees allows us to add ons, you know, you’ve got a business going on for $15 to $20,000 but now you want to take it to the next level that guarantee will support us to provide them more loans you know, you’re in remote area you do not have the electricity but you have a business going on, you need to have solar panels, we can provide those sorts of things again.”

In line with their commitment to sustainability, Minam highlighted FDB’s adherence to the overall green concept, having obtained accreditation from the Climate Fund. As an accredited entity, the bank is determined to comply with the requirements set forth by this recognition.

Minam further emphasized the significance of MSMEs as key contributors to economic growth and employment in Fiji. However, he acknowledged that these enterprises face limited access to financial services, including insurance.