The Fiji Development Bank (FDB) is the first in the Pacific to formalize a partnership with Visa to offer a financial education program for its customers.
Visa’s Practical Money Skills delivers free educational resources to help individuals and communities build stronger financial futures. This collaboration will enable FDB to utilize Visa’s free digital education resources to improve the financial literacy skills of individuals, as well as Micro, Small and Medium Entrepreneurs.
The two organizations signed the partnership digitally today.
According to FDB CEO Mr. Saud Minam, this is a milestone achievement for the development bank and expressed his appreciation to Visa for their collaboration.
“Our plan is to have a pop-up in between the online application portal whereby the customer who is filling out the loan application should get the attention that there is a financial literacy program with some of the modules. It is not mandatory but is recommended before the customer completes the application process,” said Mr. Minam.
“This way you are not only applying for the loan but you are also going through the financial literacy program. Once the customer finishes the module then he/she can come back to the application.”
“This way we will also know that the customer has gone through the financial literacy program,” said CEO Minam.
Visa’s Vice President of Inclusive Impact & Sustainability for Asia Pacific Ms. Patsian Low, highlighted that for the last 30 years Visa has been actively providing financial education programs for people of all ages. Visa is now also offering financial education and business upskilling programs to small and micro businesses in communities around the world.
“Visa’s purpose is to uplift everyone, everywhere, which is why we are delighted to collaborate with FDB to provide financial literacy resources to their customers in Fiji.”
“We recognize that upskilling and improving the financial knowledge of individuals, and small and micro business owners is key to building a well-informed, financially resilient community and enabling everyone to gain access to the digital economy.”
The Deputy Governor of the Reserve Bank of Fiji, Mr. Esala Masitabua congratulated the two organizations for initiating a digital rendition of financial knowledge.
“The Reserve Bank supports initiatives that accelerate and enhance financial literacy in our communities. This forms an important part of the country’s national financial inclusion strategy,” he said.
“The partnership between FDB and Visa is a welcome development as it provides financial literacy awareness in innovative and thoughtful ways. This will surely complement FDB’s programs in uplifting financial education for its customers and the community.”
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.