Fiji’s Minister for Finance, Esrom Immanuel, recently unveiled the Fiji Development Bank’s innovative AI Credit Assessment Pilot, marking a significant advancement in the nation’s financial services. This groundbreaking initiative is designed specifically for unsecured lending, emphasizing that it does not replace human judgment in lending decisions. The role of FDB’s seasoned credit officers remains integral, as they will continue to make final decisions on loan applications.
During a speech in parliament, Minister Immanuel detailed that this pilot program, which was launched last month, is especially aimed at enhancing financial inclusion and innovation within Fiji’s financial sector. The program allows existing FDB customers to apply for loans up to $100,000, with sums below $10,000 being potentially unsecured and subject to standard eligibility requirements.
In a statement reflecting the global shift toward AI in finance, Immanuel noted that “artificial intelligence is revolutionizing credit access,” and expressed pride that Fiji is engaging actively with this technological transition. The project team has been diligently refining the AI tool’s features and continuing to enhance its accuracy following an enthusiastic response, with over 100 customers already expressing interest.
Immanuel described the initiative as “more than an app,” portraying it as a vital connector for Fijians seeking opportunities and transforming access to finance. He underscored that the project is in alignment with the country’s National Development Plan and National Digital Strategy, and it’s a strong testament to responsible innovation and partnership.
The AI process associated with the loan applications is efficient and secure. Customers must download the official FDB app, securely log in with a one-time password (OTP), and can submit their loan applications entirely digitally. All data is encrypted and stored on secure servers in Sydney, governed by contracts to ensure compliance with Fijian law and data handling upon project conclusion.
Once submitted, the system processes the application in real-time, notifying FDB staff who receive an AI-generated credit assessment report to assist their review. This collaborative approach guarantees that while the AI provides recommendations, the final decision remains with the experienced officers, ensuring empowerment rather than redundancy.
The initiative has attracted support from international partners, including the Australian Government, which plays a vital role in its funding and implementation. With this thoughtful integration of technology in the financial ecosystem, Fiji stands on the cusp of a promising future in banking accessibility and innovation.