The Fijian Government has launched a Request for Proposal (RFP) for the establishment of the nation’s first peer-to-peer lending platform, a significant step towards enhancing financial accessibility for micro, small, and medium enterprises (MSMEs), including those operating in the informal sector.
Minister for Finance, Commerce and Business Development, Esrom Immanuel, emphasized that this initiative marks a critical transition from legislation to implementation, following the Business Funding Act 2025 that took effect in December of last year. The new platform aims to offer an alternative financing solution through crowdfunding, specifically designed for businesses that face difficulties in obtaining traditional bank loans.
The initiative will be executed through the Fiji Innovation Hub in collaboration with the Reserve Bank of Fiji and various local and international partners. The selected applicant will benefit from grant funding and technical assistance as part of a comprehensive nine-week accelerator program.
“This initiative is about unlocking opportunity that is giving Fiji’s MSMEs fair and equitable access to finance they need to start, grow, and thrive,” stated Minister Immanuel, highlighting the importance of financial inclusivity for business growth in the country.
Reserve Bank Governor Ariff Ali also noted the significant role of MSMEs in the economy, contributing approximately 18 percent of Fiji’s GDP, with ambitions to elevate this figure to 40 percent by 2030. He remarked that peer-to-peer lending would enhance the banking sector, while fostering broader financial inclusion and supporting entrepreneurship as well as job creation.
The RFP opened this week and will remain active for seven weeks, closing in mid-March, with a decision anticipated by March 27. This initiative reflects a progressive move towards innovative financial solutions, promising to bolster the growth and sustainability of Fijian businesses in the years to come.
Leave a comment