A groundbreaking initiative is unveiled as the Solomon Islands National Provident Fund (SINPF) introduces “MobileFund,” an innovative instant digital loan program designed to empower selected active YouSavers. Ranging from SBD$50 to $2,000, “MobileFund” offers quick access to funds for small investments, with flexible repayment terms of up to 90 days.
“SINPF is committed to leveraging innovative technology to enhance services for all members. ‘MobileFund’ aims to not only encourage YouSave members to save for the future but also provide access to credit for business ventures or emergencies.”
Michael Wate, General Manager of SINPF
This initiative, supported by Australia, aims to provide a low-cost, accessible, and immediate form of financing to help individuals overcome financial challenges and achieve their aspirations, ultimately promoting financial inclusion across the country.
Implemented in collaboration with the United Nations Capital Development Fund’s (UNCDF) Pacific Digital Economy Programme, this loan pilot project is currently undergoing testing in the Central Bank of Solomon Islands (CBSI)’s Regulatory Sandbox for FinTech innovations.
Deputy Governor of the Central Bank, Mr. Raynold Moveni, highlighted the significance of expanding access to formal credit, stating that digital innovations like “MobileFund” can play a crucial role in this effort.
Regardless of their location within the Solomon Islands, individuals can submit “MobileFund” applications and receive instant approvals through their mobile phones, with funds promptly transferred to their M-SELEN account.
Yabx, an AI credit-scoring fintech, is at the forefront of this solution, targeting informal sector customers without credit history or collateral. This innovation enables real-time and scalable credit scoring and limit-setting by analyzing YouSave user behaviour.
Successful loan repayment contributes to the user’s credit score, automatically qualifying them for another loan upon reapplication.
Australian High Commissioner, Rod Hilton, expressed Australia’s commitment to supporting improved access to finance, particularly for women and rural residents, under the Solomon Islands-Australia economic partnership.
Zoe Victoria Tate, UNCDF Country Lead, emphasized how digital loans like “MobileFund” can empower women and entrepreneurs economically, enabling them to invest in their businesses and contribute to economic growth.
Anirban Pramanick, YABX Head of New Markets, expressed pride in collaborating with SINPF, UNCDF, and M-SELEN to launch the first provident fund-based instant digital loan product in the Pacific Islands, tailored specifically for the informal sector.
This innovative partnership aims to promote responsible borrowing and savings habits, ensuring Solomon Islanders have access to credit for emergencies or essential investments without depleting their hard-earned savings, ultimately paving the way for a more inclusive and prosperous financial landscape in the Pacific Islands.
SINPF’s “MobileFund” project, funded by Australia and implemented by the United Nations Capital Development Fund (UNCDF) under the Pacific Digital Economic Programme (PDEP), is jointly administered by UNCDF, UNDP, and UNCTAD, and supported by the Governments of Australia, New Zealand, and the European Union.
