Welcome Remarks by the Reserve Bank of Fiji Governor and
Chairman of the National Financial Inclusion Taskforce, Mr Ariff Ali
2017 National Microfinance Awards, 28 May 2018, RBF, Suva
Salutations
The Permanent Secretary for Industry & Trade and Tourism;
Members of the Reserve Bank of Fiji Board;
Members of the National Financial Inclusion Taskforce;
Sponsorship Partners;
2017 National Microfinance Awards Finalists;
Distinguished Guests;
Ladies and Gentlemen.
Welcome
Bula Vinaka and a very good afternoon to you all.
It is my pleasure to welcome you to this function today, a special occasion where
we recognise our champions in the micro enterprise sector. Please accept our
humble apologies for the deferment from the initial schedule to have it in the later
part of last year.
I wish to specifically welcome our finalists for whom this occasion is all about.
Thank you for your determination and perseverance to make your goals and
dreams a reality in the different businesses that you have established and are now
operating. For a developing country like Fiji, the potential for the micro
enterprises sector to be a driver of economic growth cannot be underestimated, and
we therefore truly appreciate how the businesses we are recognising today have led
the way in this regard.
I acknowledge, and would like to express our sincere gratitude to all our generous
sponsors without whose support we would have not been able to organise, and give
today's
out awards: the Gold Sponsors - ANZ Bank and Pacific Financial Inclusion
Programme (PFIP); Silver Sponsor - Life Insurance Corporation of India (LICI);
and Bronze Sponsors - Bank South Pacific, Bank of Baroda and HFC Bank. We
welcome you to this afternoon's function and thank you very much for your
continuous support and partnership in recognising the contributions of our micro-
businesses.
Role of the Reserve Bank
For close to three decades, the Reserve Bank of Fiji has worked closely with
Government, development partners and the private sector to find ways of
the SME sector's the sector's
improving access to finance and enhancing
contribution to the economy. In 1996, the RBF in collaboration with the UNDP
hosted a national conference on microfinance which initially led to the set-up of
the Microfinance Unit in Government, which has grown into the National Centre
for Small and Micro Enterprises Development (NCSMED).
The Bank's
support to develop microfinance in Fiji is not without challenge, as a
third of our population, who are mostly women and rural dwellers, still do not have
access to affordable and appropriate financial services. To complicate matters,
financial inclusion agenda is
there are times when our role in driving the country's
called into question since it falls outside the scope of traditional central banking
responsibilities. However, I am pleased to provide assurance that the Reserve
Bank will continue to contribute and support initiatives for the development of
MSMEs as they greatly complement our role in the development of the Fijian
economy.
Contribution to Economic Growth
I read in a speech given at a similar occasion that
"Governments do not create
jobs, the private sector does. And that within the private sector, SMEs are
central to that endeavour." As a leader in an organisation that has its vision of
"Leading Fiji to Economic
Success", I cannot agree more with that statement.
We recognise the important role that MSMEs play in creating jobs as they provide
the bulk of employment in the country, and in turn support economic growth. The
unprecedented economic growth that Fiji has achieved in the last 8 consecutive
years is also attributed to our growing micro and SME sectors.
In most countries, the SME sector accounts for almost 90 percent of all businesses.
There are some estimates that for Fiji, MSMEs account for around 60 percent of
employment as everyone cannot be employed in the formal sector. By allowing
people to help and create employment opportunities for themselves, we are
effectively contributing towards reducing poverty and increasing standards of
living. As a result there is less reliance on Government in terms of receiving social
welfare.
However, personally, one of the most important attributes that I admire about
micro-businesses is their ability to empower people to determine their individual
paths. The MSME industry is very close to my heart because I have experienced
work in it first-hand. My father operated a micro enterprise in the fisheries sector
employing 2-3 others and it was his hard work and sacrifices that paid for my
school fees and education. My family is still engaged in micro and small
enterprise work today. When I hear about your stories, I am reminded of the
struggles and challenges that my father and our family had to endure, especially
because in those days there was little to no support from the Government and other
stakeholders specifically for MSMEs. That is why I fully support this initiative
and I am confident that it will enable you to make positive changes in your own
lives.
Awards
The Microfinance Awards that we give out today recognises the successes of
young and individual micro-entrepreneurs, micro-business partnerships and micro
service providers. This year we received the highest number of submissions
mainly from Viti Levu and a few from Vanua Levu, Taveuni, Lau and Gau.
The submissions have been assessed by a panel of three judges representing the
Ministry of Women, Children & Poverty Alleviation, the University of the South
Pacific and the Reserve Bank of Fiji. The Individual, Partnership and Youth
categories were assessed on business growth, use of local resources and creativity,
adequate book-keeping, sustainability and compliance with government
regulations.
For the Institution Category, assessments focused on outreach, delivery channels
and use of innovative technology and client protection.
Closing
I wish to take this time to congratulate all our finalists that have joined us from
around the country today despite the weather conditions. You have done an
incredible job to get to where you are today and should be proud of your
achievements. To our award recipients, we trust that you will put your prizes to
good use in expanding your businesses and furthering your entrepreneurial dreams.
I also wish to acknowledge and thank the Government for its continuous support
towards our work and initiatives on MSME development, particularly MITT, the
Honourable Minister and our Chief Guest, the Permanent Secretary for taking time
out from his busy schedule to attend tonight's function.
Lastly and certainly not the least, I wish to once again acknowledge the great
-
support of all our sponsors thank you for your commitment. It is our hope that
the success stories we highlight today will inspire others to capitalise on
opportunities, start their own businesses and continue to support the micro
enterprise sector.
Vinaka vakalevu, and I wish you all an enjoyable evening.