MSC undertook an MSME landscape study commissioned by Reserve Bank of Fiji (RBF) and Market Development Facility (MDF), a program funded by DFAT. MSMEs contribute to 18% of the national GDP in Fiji, and the central bank has been keen to strengthen them.
MSC’s research was a first-of-its-kind study that focused on enterprise development, including business incubation, advisory services, and access to finance. The study helped RBF, MDF, and ministries to develop strategies and formulate policy interventions for MSME development.
The stakeholders accepted the key recommendations, including setting up of a development finance institution and the amendment of the definition and classification of MSMEs. Other recommendations accepted include rationalizing compliance processes, such as business registration and licensing, improving market linkages, and providing business incubation and advisory services to MSMEs.
The project culminated with RBF constituting a task force to commission a feasibility study to develop an MSME bank in Fiji.