Press Release No 8 –
Reserve Bank of Fiji Issues New Credit Institution Licence
Press Release No. : 08/2014
Date : 04 March 2015
The Reserve Bank of Fiji wishes to announce that a credit institution licence has been granted to Kontiki Finance Limited (Kontiki Finance), a newly established company, owned by local and overseas investors.
Kontiki Finance had applied for a licence to operate as a credit institution in April 2014. The application went through a comprehensive assessment with a conditional approval granted in October 2014. The Reserve Bank had worked closely with Kontiki Finance in meeting the conditions of approval, prior to the granting of the licence on 4 March 2015.
The Governor, Barry Whiteside in granting the credit institution licence welcomed this development as positive for the financial system, with the participation of a credit institution owned by small investors. He added that while entering an industry dominated by entities with well- established corporate backing will be a challenge, allowing small players like Kontiki Finance to operate in a developing market like Fiji bodes well for the banking public as it will extend the range of banking services available, and effectively target small to medium customers and enterprises, in the provision of efficient and affordable asset financing services.