By RANOBA BAOA
For the first time, micro enterprises in the nation will be recognised for their efforts and contributions towards the Fijian economy.
The inaugural launch of the Microfinance Awards saw micro financial institutions and associated organisation representatives in microfinance businesses came together at the Reserve Bank of Fiji for the launch.
The awards are an initiative by the National Financial Inclusion Taskforce and will be sponsored by the Reserve Bank, the Pacific Financial Inclusion Programme and Life Insurance Company of India (LICI).
The event will be held on the October 25 at the Sheraton Fiji Resort concurrent with the 4th Pacific Microfinance Week scheduled from the October 21-25.
In launching the awards, Reserve Bank governor Barry Whiteside stressed that if microfinance businesses are recognised and offered necessary support they have the potential to grow.
“We believe that with an enabling regulatory policy environment and with access to affordable financial services, individual and micro-enterprises will have the opportunity to flourish and bloom,” Mr Whiteside said.
“Micro-enterprises, when managed well and in the right environment will not remain micro. They can always grow into small businesses and later on graduate to medium and large enterprises.”
Commercial bank support
In light of this, Mr Whiteside highlighted the contribution of commercial bank support for the sector.
“I am pleased to report that the total value of micro deposits held by the commercial banks at 30 June 2013 was $40.3 million.”
In 2010 all commercial banks were directed to set up micro-finance units at every branch to cater for the low income earners especially in the informal sector under the Banking Supervision Policy Statement 14.
From other sponsors
Life Insurance Company of India (LICI) acting general manager, Sanjeev Jain said: “This awards will no doubt go a long way for the betterment of the economy as a whole.
“We are very happy to be part of this initiative and hope to see many more awards in future and our partnership with the Reserve Bank will certainly continue from here.”
Pacific Financial Inclusion advisor, Jeff Liew echoed the importance of the awards to set up role models in microfinancing sector.
“It’s equally important that these role models and outstanding clients, service providers and will provide a model for others to emulate and help each other and then we can have a very vibrant microfinance sector.”
Reaching the unbanked
Meanwhile, Mr Whiteside also noted 87 per cent of the hitherto150,000 unbanked people in Fiji are now banked as at June 30 this year.
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From left: Life Insurance Company of India acting general manager, Sanjeev Jain, Pacific Financial Inclusion advisor, Jeff Liew and Reserve Bank of Fiji governor, Barry Whiteside at the launch of the Inaugural Microfinance Awards at the Reserve Bank of Fiji yesterday. Photo: PAULINI RATULAILAI
