Seventeen thousand customers, and more than $3 million in transactions in just six months, is a feat by any measure.
But that’s just the tip of the iceberg for Sole Limited, as the company’s trajectory points to a growing pattern of success among Fijians – locally and abroad – that join the savings scheme.
This year heralds another achievement for the world’s first savings platform, as it prepares to extend an e-wallet service.
Sole also hopes to utilise Starlink services to improve its reach in rural areas, where internet connectivity remains a challenge.
Led by chief executive officer Mereia Volavola, the platform has engaged more than 100 merchants, and two overseas remittance companies sealing a commercial agreement.
“The highest number of buckets or subaccounts created in Sole is the savings buckets,” she said.
“Among the top 10 buckets other than savings are investments, education, business, children, and tithes.
“This shows the savings capability of Sole customers when provided with the right tool.”
It demonstrates the large capability among Fijians to budget and save, she said.
“They are transferring to other Sole customers instantly and making use of the low transaction fees of only 25 cents,” Ms Volavola said.
“Sole is bridging the gap on financial services access, and awakening customers to proper and smart financial stewardship.”
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SOLE APP
Savings grew by 367.9 per cent in the six months from the end of May 2023 to November, from $18,497 to $86,543, Ms Volavola said.
The Sole app platform was launched in Fiji on October 13, 2022, in the Reserve Bank of Fiji’s regulatory sandbox.
It operated with restricted conditions provided by the central bank, based on the number of customers and wallet limit size amongst others.
The trend continued until early July 2023. On July 27, 2023, the RBF approved and issued a payment service provider license to Sole Ltd.
SOLE APP FACTS
■ Sole App is adaptable to all devices- mobile phone, tablets, laptop and personal computers.
■ Sole’s features are outstanding, of world class standards, and very innovative.
■ Cyber security measures are intact. No technical glitch.
■ No funds lost.
■ 104.7 per cent growth in customers signed up from the end May 2023, to the end of November.
Feedback: frederica.elbourne@fijisun.com.fj