Saver Plus launches in Fiji

What would you do with an extra $500 a month?

For Fijian market vendors and farmers who supply to Suva, Nausori and Ba municipal markets, $500 could be life changing. From larger and higher quality kitchen supplies like woks and refrigerators, to vehicles to transport goods to market, the possibilities to expand small businesses are endless.

Saver Plus, the world’s largest and longest running matched savings program, expanded internationally for the first time this month. After helping more than 61,000 Australians to save since 2003, a pilot version of Saver Plus has been launched in Fiji.

The program’s inaugural in-take will see 70 Fijian participants undertake the program, which will consist of attending MoneyMinded or MoneyMinded Business Basics financial education workshops and saving consistently each month for 10-months.

Eligible participants who complete the program will have their savings matched up to $500 (FJD) by ANZ. As well as using the matched savings funds towards school supplies like Saver Plus in Australia, Fijian participants will also be able to use their matched savings to grow their small business.

A challenge the country’s small business sector currently faces is accessibility to affordable and timely financing - resulting in hampered growth. According to the Fijian Ministry of Finance, the sector contributes over 18 per cent to the country’s GDP and provides employment for approximately 60 per cent of Fiji’s labour force.

A forward step in a long history of shared connection, ANZ’s presence in the Pacific began in Fiji in 1880 and over time, we continue to expand and refine our footprint in the country. 

Saver Plus is a simple and effective means of supporting the Reserve Bank of Fiji's goals of improved financial literacy and greater financial security for all Fijians.

Working in partnership with UN Women Markets for Change project and the United Nations Development Programme (UNDP), this pilot aims to assist and enhance the socio-economic security of female market vendors in Fiji, contributing to broader Pacific women’s economic empowerment.

ANZ’s Social Impact Initiatives Lead, Brendan Lacota says “After seeing the benefits of the Saver Plus program in Australia, we have worked with our partners to adapt and launch Saver Plus internationally for the first time. We are excited to see it piloted in Fiji, and we hope to replicate the program in other pacific countries in the near future.”

At the launch event, UNDP’s Deputy Resident Representative, Wei Zhang commented on the impact of the program, saying “the Saver Plus program will provide the participants with practical knowledge they can apply in their daily lives, ultimately leading to better financial management and stability.

“Together, we bridge knowledge gaps, promote economic empowerment, and make a profound impact on the lives of female market vendors in Fiji, enabling a more inclusive and promising future for all.”

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For more than 20 years Saver Plus has helped Australian’s develop lifelong, life-changing savings habits. We are delighted to be able to share the benefits of this program with the people of Fiji.

The Saver Plus program is a critical component of ensuring that urban and rural market vendors in Fiji have the skills to help themselves and their communities to achieve overall financial wellbeing.

Rabih Yazbek is the ANZ Fiji Country Head