Source: Fiji Times.

Complete article available online.

SUVA, Fiji, November 06 – Reserve Bank of Fiji governor Sada Reddy, at the Medium Term Strategy for Financial Inclusion in Fiji, said…

“From January next year banks will have to have a microfinance unit. Banks have to change their minds about this. Banks will be involved with the RBF on how they can go about doing this,” he said.

Mr Reddy said banks in Fiji had been making much better profits compared to those in the region and on the international scene. He believes that microfinance will help a lot of people.

A similar strategy by the Laisenia Qarase government was tried through the Fiji Development Bank.

However, this program was not a success and a lot of people were unable to repay the loans provided for various small business schemes….

Complete article available online.