Great news for the new payment service provider, Sole Limited, as they have now exceeded $1 million in value of transactions and close to 13,000 members in just 10 months after the company was launched.
Announcing the milestone achievement, Sole Limited Founder Semi Tukana says when they started 10 months ago, they had made sure their policies and procedures fully complied with the requirements of the Reserve Bank of Fiji.
He says when they presented Sole to the people in the villages and rural areas, their eyes glowed with excitement because they know this financial tool can help them with their financial problems.
Tukana says the traffic in their system is starting to build up.
The Founder also highlighted that this app will be useful to Fijians in villages and rural settings.
Tukana says he started this company because he saw that one challenge faced in every i-Taukei community is that they don’t have a savings account.
Today, the company launched its new SOLE Group Wealth feature for their app where organisations, family groups and social groups can keep their savings.
This feature will allow every member of that group to be notified if someone wants to withdraw from the group, but the withdrawal will only be approved once everyone in the group has given their approval.
While making the official announcement of the payment service license issued by the Reserve Bank of Fiji, Maritime Development and Disaster Management Sakiasi Ditoka says this license allows the company to operate as a fintec providing payments service channels in Fiji.
He says the growing availability and users of digital financial services provide unique capital building and further accelerate financial inclusion.
Ditoka says the level of access to formal financial services among Fijians has increased from 64 percent in 2014 to 81 percent in 2022.
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