Riya Mala 
[ Source: Parliament of Fiji ]
There is an urgent need to improve financial literacy among Micro, Small, and Medium Enterprises, as many struggle to meet credit assessment requirements.
This hinders their ability to secure financing and grow.
MSME Council Chair, Watisoni Nata Junior, emphasized this while presenting the council’s submission to the Standing Committee on Economic Affairs on the Fiji Development Bank’s 2022 and 2023 Annual Reports.
He added that equipping businesses with essential financial knowledge when applying for loans or seeking assistance from banks will help them meet required criteria and secure the support they need.
“There’s a hole, and this is, again, juxtaposed to why we appeared before the Standing Committee the last time: accessibility to finance. This theme is very pertinent to MSMEs because the banking system is not very MSME-friendly.”
Nata added that during the global pandemic, businesses were required to apply online but faced challenges in doing so.
To address these issues, he noted that the Fiji Development Bank has launched a digital financial literacy program aimed at enhancing financial knowledge, specifically targeting rural businesses.
Stream the best of Fiji on VITI+. Anytime. Anywhere.
