HFC launched its Microfinance loan Product today. This was launched by Permanent Secretary for Industry and Trade, Mr. Shaheen Ali. “Reserve Bank of Fiji (RBF) has set clear directive for the banks to diversify into microfinance products and though HFC is not required, but we felt that it was part of our social responsibility to have such product”, said chief executive officer, Mr. Isikeli Tikoduadua.
The company is targeting individuals, youths’ and women’s clubs, cooperatives, religious group, non government organizations, landowners and small scale farmers who would be looking at micro project funding, more integrated through rural based projects which would enhance the livelihood of the people.
Mr. Tikoduadua said that the “First time individual will have access to $1000 and once fully paid will qualify for $2,000 and those group and clubs as first time borrowers will qualify for $2,000 and once fully paid, will qualify for $5,000. “We have done adequate research with some of the tested products of this nature and found that group based microfinance have been very successful,” commented Mr. Tikoduadua.
a. Below 50yrs @ $59.00 per person per annum with $5,000 sum insured
b. Above 50yrs @ $118.00 per person per annum for $5,000 sum insured.
In case of any untimely demise, the loan is duly paid off, a concept similar to the mortgage protection. The premium is very low, which is around 16 cents per day, said Mr. Tikoduadua.
We are also very grateful to the government for supporting such initiates as the National Budget has special programs for microfinance, said Mr. Tikoduadua. He thanked the Permanent Secretary for the launch and also thanked Fiji Care Insurance Limited for providing such an attractive insurance package for the product.
“We are always customer centric and continuously reviewing our products and services to meet the needs of our customers.” said Tikoduadua.