The iTaukei Land Trust Board (TLTB) announced the establishment of the Resource Owners’ Bank, aimed at empowering local resource owners by providing better access to financial services. The bank is set to be operational by mid-2025.
The iTaukei Land Trust Board (TLTB) has been working on this initiative for some time, and the announcement was made during the two-day Indigenous Resource Owners’ Forum held in July this year. The bank will be a subsidiary of TLTB and will focus on offering tailored financial products and services to resource owners, such as farmers, fishermen, and landowners.
The Resource Owners’ Bank will provide low-interest loans with no deposit requirements, making it easier for resource owners to access capital for various initiatives. The interest rates are set at around 2.5 per cent, with repayment terms of two to three years. There is no ceiling for the loan amounts, allowing landowners to borrow anywhere from $1,000 to $100,000 for a wide range of projects, including property investment, livestock, and gravel extraction.
The bank will also work closely with other financial institutions, such as Merchant Finance and Fiji Development Bank, to build capacity and ensure the success of the bank. The iTaukei Wealth Fund, which pools lease monies collected by TLTB, will serve as the foundation for the bank’s operations. This fund is expected to generate around $12-$13 million annually, providing a sustainable source of capital for the bank.
Overall, the establishment of the Resource Owners’ Bank represents a significant step towards enhancing financial inclusivity and economic empowerment for iTaukei resource owners in Fiji. The bank aims to promote sustainable resource management and stimulate regional development by providing tailored financial services and support, .
