.gif)
Commercial banks operating in Fiji have been told by the Reserve Bank to offer lending facilities to the poor and low-income households and individuals, in efforts to boost the microfinance sector of the economy.
Other financial services that should be made available include deposits, payment services and money transfers.
Reserve Bank of Fiji (RBF) governor Sada Reddy this week announced the setting up of a National Financial Inclusion Taskforce to guide and monitor the new initiative.
Reddy said the microfinance sector would address poverty alleviation in the country because it provides opportunities for unemployed individuals and families to set up micro businesses that would create employment and provide income for them.
“The RBF is committed to the development of the microfinance sector in Fiji in ensuring access to financial services for all segments of society,” Reddy said.
The Taskforce comprises seven members of the RBF and four from the private sector.
At their first meetings Thursday, working groups were allocated to implement action plans that include the provision of financial literacy and statistics to stakeholders.
Consultants from the Asian Development Bank are also in the country to evaluate the potential of the microfinance sector in Fiji.
