Reserve Bank of Fiji Governor Barry Whiteside says microfinance continues show compelling evidence in lifting the standard of living for the under privileged in Fiji.
Whiteside made the comment in response to a National Demand-Side Survey of financial services and products in Fiji last year.
“When we talk about microfinance we should not only focus on the credit or lending side but realise that it is import that our micro-entrepreneurs have access to a whole range of financial services that are accessible and affordable."
The report which was compiled by the RBF, Bureau of Statistics and the Pacific Financial Inclusion Programme noted that there is room for expansion and product innovation to meet the needs of our microfinance sector.
Whiteside says feedback from the survey identified that the lack of awareness is the major reason people do not use the formal financial system.
He added that financial services play an important role in helping poor families manage their lives as well as protecting them against unexpected financial shocks.
