The Fiji Times »$ 29.6 Million Loans – Fund Moves to Mobile Wallet Platform
The Sugar Cane Growers Fund (SCGF) has 10,568 loan accounts valued at $ 29.6 million (as of August 31, 2021), which represents 58% of the market share of the plantation loan portfolio of sugar cane, said Raj Sharma, managing director of the fund.
Mr Sharma said there were around 11,622 active cane producers, of which 6,565 had loan accounts with SCGF.
“The SCGF annually approves up to 2,500 loan applications with annual disbursements of approximately $ 8 million, comprising more than 2,000 transactions. In addition, there are approximately five cane payments for 6,500 producers, which means 30,000 additional payment transactions.
“There are over 32,000 transactions generated by the SCGF in 12 months and most go through the banks,” said Mr. Sharma.
He said their new partnership with Digicel Fiji MyCash mobile wallet provides another choice for SCGF producers for median payout, in addition to banks and other platforms.
A Digicel Fiji statement said the partnership would allow Digicel SIM card recipients to elect to receive financial programs from SCGF such as loans in their MyCash wallet.
He said that by using MyCash, beneficiaries could use the wallet to support their communities and livelihoods while continuing to develop their farms and improve production.
Sheetal Shailini, Chief Information Officer of SCGF, said that they are concluding their new ICT project with an online portal, mySCGF application, SMS gateway with many other advanced and secure technology services to improve services to producers.
With SCGF’s membership in the platform, its beneficiaries who are MyCash customers will also be able to send and receive money anywhere in Fiji free of charge, make purchases with contactless payment with QR Scan & Pay, buy a top-up or an All In premium data plan, and pay their bills for themselves or their family anytime and anywhere with their mobile wallet.
Farid Mohammed, CEO of Digicel Fiji, said; “As a digital operator, we are happy to be able to provide a solution for sugar cane producers to access money securely without the need for a bank account.