Fiji is making significant progress in modernizing its financial sector with the launch of the country’s inaugural Artificial Intelligence (AI) Credit Assessment Pilot Project for Unsecured Lending. This innovative initiative aims to improve access to finance, particularly for micro, small, and medium enterprises (MSMEs), women entrepreneurs, and young innovators. The pilot is a collaborative effort involving the Fiji Development Bank (FDB), the Market Development Facility (MDF), and technology partner Third Roc Pty Ltd, with backing from the Australian Government.
During the launch event held at the FDB headquarters, Minister for Finance, Commerce, and Business Development, Esrom Immanuel, highlighted the project’s transformative impact. He pointed out that traditional lending frameworks have historically restricted access for diligent Fijians lacking formal collateral, thereby stifling their entrepreneurial aspirations.
“This initiative represents a new era for Fiji’s financial landscape,” stated Minister Immanuel. “By leveraging technology to address enduring gaps, we ensure that a broader segment of Fijians, particularly those historically overlooked, can obtain fair and timely credit.”
The AI-driven platform will integrate behavioral and alternative data with conventional credit evaluations to guide lending decisions, while final approvals will still be managed by FDB’s credit officers, promoting responsible and ethical lending practices.
Over the course of 12 months, the pilot program will focus on gathering data and insights to refine Fiji’s approach to digital lending and bolster financial inclusion. A successful pilot could lead to a nationwide implementation, potentially granting thousands of Fijians access to affordable credit.
This initiative is in alignment with national objectives aimed at creating modern and inclusive financial systems that unlock economic opportunities for all communities. By adopting AI-powered financial solutions, Fiji is positioning itself as a regional frontrunner in financial innovation, emphasizing technology as a tool to foster inclusion, development, and resilience.
Complementing these efforts, recent government initiatives have underscored a commitment to enhancing financial accessibility for all entrepreneurs, especially those who have been traditionally underserved. The introduction of the Access to Business Funding Act, which facilitates crowdfunding and peer-to-peer lending options for SMEs, further emphasizes Fiji’s commitment to building a more dynamic and inclusive financial ecosystem.
These progressive actions signal a hopeful outlook for Fiji’s economic environment, empowering local businesses and nurturing a resilient entrepreneurial culture across the islands.