This pioneering initiative will improve access to finance over the next five years, contributing to scale up digital financial solutions and piloting insurance to 500,000 low-income farmers, including women, youth entrepreneurs.

By addressing the need for improved access to financial services and support for MSMEs in agriculture, the project aims to contribute to the creation of jobs and the sustainable and inclusive economic development of the sector.

This initiative refines and expands coverage of the parametric insurance product that was first launched in 2021 and aims to strengthen Fiji’s financial resilience against climate change and natural disasters.

The general objective is to test a tailor-made and innovative agricultural product for smallholder farmers and expand the loan products to rural areas.

This partnership will give hundreds of thousands of Fijians access to digital payments through Mastercard’s global payment network of over 100 million merchants worldwide.

The UN Capital Development Fund is pleased to announce international insurance group, Howden, as a new addition to its long list of private sector partners helping fight climate change in the Pacific.

This is a key outcome of reforms the Reserve Bank of Fiji has been leading in collaboration and partnership with key payment system stakeholders in Fiji.

Both products offer combined insurance cover against heavy wind and rainfall and are designed to offer immediate financial support after extreme weather events.

The United Nations Capital Development Fund launched the challenge with the aim to attract local and global fintechs with market-ready solutions to address identified problem statements which represent the challenges faced by Pacific Islands Countries.

Microfinance-supported entrepreneurs have exhibited the same resourcefulness that has characterized many other small businesses during the pandemic. At the same time, they face a variety of ongoing challenges.