Fiji is making significant progress in enhancing financial accessibility for micro, small, and medium enterprises (MSMEs) with the launch of a Request for Proposal (RFP) aimed at developing the nation’s first peer-to-peer (P2P) lending platform. The initiative was introduced by Esrom Immanuel, the Minister for Finance, Commerce, and Business Development, who emphasized that this move is a step towards creating a sustainable and transparent alternative lending ecosystem within the country.
Minister Immanuel expressed hope that the P2P platform would establish a commercially viable lending option, stating that today marks the start of a transparent process to identify the best candidate to develop this innovative financial tool. The platform aims to resolve the financing problems that have long beset MSMEs, especially those situated beyond conventional banking hubs or those in sectors typically overlooked by traditional financial institutions.
Ariff Ali, Governor of the Reserve Bank of Fiji, underscored the platform’s primary goal of expanding financial access for MSMEs. He noted that many small enterprises have difficulty obtaining funding through existing channels, particularly those located outside the standard banking infrastructure. The RFP will remain open for seven weeks, concluding in mid-March, with an applicant selection projected for March 27.
This initiative was hailed by Governor Ali as a significant milestone for Fiji’s financial landscape, suggesting that the introduction of P2P lending could diversify available financing options beyond what has historically been limited to stock markets and banks. Emily Wilson, the Acting Counsellor for Economic and Development Cooperation at the Australian High Commission, highlighted the vital role of MSMEs, which are central to the economy and community activities in Fiji, particularly in sectors such as tourism, agriculture, fisheries, and services.
Once fully operational, the P2P lending platform is anticipated to facilitate connections between individual and institutional investors and small businesses in search of capital, potentially lowering borrowing costs and enhancing funding access. For MSMEs, this represents a promising avenue for growth, innovation, and recovery, particularly in regional and rural areas, reinforcing the vital contribution of these enterprises to Fiji’s economy.