Lavenia Baro, manager of the Fiji Council of Social Services (FCOSS) Microfinance Unit, reportedly has stated that a recent financial literacy session focusing on small businesses “will help participants manage their weekly cash flow.” Participants were also counseled on marketing and microfinance initiatives for small businesses. Participants are given access to a microfinance savings account and will be monitored weekly. Successful businesses are encouraged to expand through loans, while those with failed projects are advised to rebuild with their savings. Microfinance programs currently offered include “a saving facility, loan expansion for business, financial literacy and basic business planning” [1]. The number of participants was not disclosed.
As of 2010, one microfinance institution has submitted data to the US-based nonprofit Microfinance Information Exchange (MIX). According to MIX, South Pacific Business Development Fiji (SPBD Fiji), a microfinance institution in Fiji, has total assets of USD 381,923, a gross loan portfolio of USD 197,229 and approximately 2,300 loan clients.
By Brendan Millan, Research Associate
About the Fiji Council of Social Services (FCOSS): Established in 1957, the Fiji Council of Social Services (FCOSS) is a civil society organization that aims to develop communities in Fiji through advocacy, training and economic assistance.
About South Pacific Business Development Fiji (SPBD Fiji): SPBD Fiji, a microfinance institution in Fiji, has total assets of USD 381,923, a gross loan portfolio of USD 197,229 and more than 2,300 loan clients. SPBD Fiji expects to be financially self-sufficient by 2013.
Sources and Resources:
The FijiTimes: “Financial literacy sessions encourage more savings” by Tevita Tuiwavu. http://www.fijitimes.com/story.aspx?id=193668
MicroCapital.org Article, February 6, 2012, “Australia Funds Financial Education Curriculum Development Project (FinED) to Serve Fiji’s Primary and Secondary Schools”, https://www.microcapital.org/microcapital-brief-australia-funds-financial-education-curriculum-development-project-fined-to-serve-fijis-primary-and-secondary-schools/
MicroCapital.org Article, April 1, 2011, “Reserve Bank of Fijito Take Microfinance “Expos” to RuralIslands”, https://www.microcapital.org/microcapital-brief-reserve-bank-of-fiji-to-take-microfinance-expos-to-rural-islands/
MicroCapital.org Article, September 21, 2010, “Australiaand New Zealand Banking Group (ANZ Bank) to StartMicrofinanceCenterin Fiji”, https://www.microcapital.org/microcapital-brief-australia-and-new-zealand-banking-group-anz-bank-to-start-microfinance-center-in-fiji/
MicroCapital.org Article, September 7, 2010, “South Pacific Business Development Foundation of Samoa to Open Microfinance Institution in Fiji”, https://www.microcapital.org/microcapital-brief-south-pacific-business-development-foundation-of-samoa-to-open-microfinance-institution-in-fiji/
MicroCapital.org Article, July 29, 2010, “All Commercial Banks in Fiji Establish ‘Microfinance Units’”,https://www.microcapital.org/microcapital-brief-all-commercial-banks-in-fiji-establish-%E2%80%9Cmicrofinance-units%E2%80%9D/
MicroCapital.org Article, June 8, 2010, “The United Nations’ Pacific Financial Inclusion Program (PFIP) Releases Fiji Financial Services Sector Assessment Calling for Expansion of Microfinance Sector, Especially Through the Development of Accessible Savings Services”, https://www.microcapital.org/microcapital-brief-the-united-nations-pacifi?
MicroCapital.org Article, April 27, 2010, “Reserve Bank of Fiji Announces Progress Made on Establishing Microfinance Units within Commercial Banks”, https://www.microcapital.org/microcapital-brief-reserve-bank-of-fiji-announces-progress-made-on-establishing-microfinance-units-within-commercial-banks/
MicroCapital.org Article, February 25, 2010, “Reserve Bank of Fiji Creates National Financial Inclusion Taskforce to Increase Access to Financial Services Including Microfinance”,https://www.microcapital.org/microcapital-brief-reserve-bank-of-fiji-creates-national-financial-inclusion-taskforce-to-increase-access-to-financial-services-including-microfinance/
MicroCapital.org Article, January 5, 2010, “Reserve Bank of Fiji (RBF) Changes Guidelines for Financial Sector, Including Microfinance”, https://www.microcapital.org/microcapital-brief-reserve-bank-of-fiji-rbf-changes-guidelines-for-financial-sector-including-microfinance/
MicroCapital Universe Profile: FijiCouncil of Social Services (FCOSS), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fiji+Council+of+Social+Services+%28FCOSS%29
MicroCapital Universe Profile: South Pacific Business Development Fiji (SPBD Fiji), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=SPBD+Fiji#The_South_Pacific_Business_Development_Fiji_SPBD_Fiji_
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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