Fiji is making strides in modernizing its financial sector with the introduction of the nation’s first Artificial Intelligence (AI) Credit Assessment Pilot Project for Unsecured Lending. This groundbreaking initiative aims to enhance access to finance particularly for micro, small, and medium enterprises (MSMEs), women entrepreneurs, and young innovators. The pilot was launched in a collaboration between the Fiji Development Bank (FDB), the Market Development Facility (MDF), and technology partner Third Roc Pty Ltd, with support from the Australian Government.
During the launch event held at the FDB headquarters, Minister for Finance, Commerce, and Business Development, Esrom Immanuel, emphasized the transformative potential of the project. He noted that traditional lending systems have historically limited access for hardworking Fijians who do not have formal collateral, thus curbing their entrepreneurial ambitions.
“This initiative represents a new era for Fiji’s financial landscape,” asserted Minister Immanuel. “By harnessing technology to bridge long-standing gaps, we ensure a wider audience of Fijians, especially those who have been historically overlooked, can secure fair and timely credit.”
The AI-powered platform will utilize behavioral and alternative data alongside traditional credit assessments to inform lending decisions, although the final approval will remain under the purview of FDB’s credit officers, ensuring responsible and ethical lending practices.
The pilot program will span 12 months, focusing on collecting data and insights to refine Fiji’s approach to digital lending and financial inclusion. Success may lead to a nationwide rollout, potentially benefiting thousands of Fijians with access to affordable credit.
This initiative aligns closely with national priorities to create modern, inclusive financial systems aimed at unlocking economic opportunities for all communities. By embracing AI-driven financial solutions, Fiji positions itself as a regional leader in financial innovation, prioritizing technology as a means of fostering inclusion, development, and resilience.
In line with ongoing efforts to bolster entrepreneurship within Fiji, recent initiatives have highlighted the government’s commitment to enhancing financial accessibility for all entrepreneurs, especially those traditionally underserved. The introduction of the Access to Business Funding Act is another step forward, facilitating crowdfunding and peer-to-peer lending options for SMEs, which highlights Fiji’s trajectory toward a more dynamic and inclusive financial ecosystem.
Overall, these progressive moves underscore a positive outlook for Fiji’s economic landscape, promising to empower local businesses and foster a resilient entrepreneurial environment across the islands.