Bank promotes financial literacy in rural outreach
USING shares as collateral for loans is not a concept adopted in Fiji’s financial market but the idea was floated at the recent Fiji Development Bank awareness engagement held in Vuna, Taveuni.
The awareness sessions focused on FDB’s products and services, with emphasis on its loan for women entrepreneurs’ products — dalo and kava farming products — along with LTA permits.
“Notably, the participants were interested in cluster loans with security being provided via Fijian Holdings Limited (FHL) unit shares,” the bank’s CEO, Saud Minam, said in a statement.
“Many of the young farmers are engaged with savings through unit shares.”
Mr Minam lauded the passion of the villagers, noting the importance of rural agriculture being the backbone of Taveuni, providing sustenance and economic stability for families.
“It’s refreshing to see a great number of young people view farming and agriculture as an opportunity and exciting way forward. This can profoundly change the path of our next generation as well as offer keen lines of diversification for our nation’s economy,” Mr Minam said.
FDB’s awareness sessions, he said, were invaluable for building financial literacy and empowerment within our communities.
“For these farming individuals, their financial success is proof of how accumulating shares and leveraging that leads to even greater farming heights. FDB is proud to work alongside entrepreneurs such as these where young farmers toil their lands and reap the fruits of their labour with the bank’s helping hand.”
Facilitated by FDB’s Taveuni branch staff members Richard Kewal and Kesia Cavulati, more than 60 participants were present at the session.