INSTANT DIGITAL LOAN “MobileFund” GOES LIVE IN THE SOLOMON ISLANDS

Honiara, Solomon Islands – Launched today, selected active YouSavers with the Solomon Islands National Provident Fund (SINPF) will soon be notified of their eligibility to apply for ‘MobileFund’ – a new instant digital loan that can be used to meet their immediate financial needs.

“MobileFund” is a small and short-term loan ranging from SBD$50 to $2,000 that can be used for small investments, with repayment terms of up to 90 days.

According to SINPF’s General Manager, Michael Wate: “SINPF is leveraging innovative technology in order to serve all its members better. We want to make sure our YouSave members are encouraged to save for their future, while also retaining access to credit for business investment or emergency situations. YouSave and MobileFund work hand-in-hand to increase value for our YouSave members.”

This initiative, funded by Australia, is a low-cost, accessible, and instant form of financing that can assist people in overcoming financial obstacles and achieving their goals and will foster financial inclusion in the country.

This loan pilot project is jointly implemented by SINPF and the United Nations Capital Development Fund’s (UNCDF) Pacific Digital Economy Programme, and is currently in the testing phase of the Central Bank of Solomon Island (CBSI)’s Regulatory Sandbox for FinTech innovations.

Deputy Governor of the Central Bank, Mr. Raynold Moveni, said: “Uptake of formal credit is low in the Solomon Islands, although studies show there is a demand for it. There is also a lack of rural-centric financial services and products. Increasing access to formal credit is a key priority area [in the National Financial Inclusion Strategy], and digital innovations like “MobileFund” can be a critical enabler.”

Regardless of where a user lives in Solomon Islands, “MobileFund” applications can be submitted and approvals are granted instantly through a mobile phone, with the funds immediately transferred to the applicant’s M-SELEN account.

Yabx, an AI credit-scoring fintech, pioneers this solution targeting informal sector customers lacking credit history or collateral. Previously excluded from formal loans, this innovation now enables real-time and scalable credit scoring and limit-setting by analyzing YouSave user behavior.

Successful repayment of the loan contributes to the user’s credit score, automatically qualifying them for another loan the next time they apply.

The Australian High Commissioner, Rod Hilton, said: “Supporting better access to finance, especially for women and people in rural areas, is an important priority under the Solomon Islands-Australia economic partnership.”

“Australia is proud to invest in this project with SINPF. Micro business owners across the country, including in rural areas, will be able to invest using these nano loans. Innovations like this are how we reach all Solomon Islanders to grow the economy and jobs for everyone.”

UNCDF Country Lead Zoe Victoria Tate said: “Digital loans like “MobileFund” contribute to the economic empowerment of women and entrepreneurs. With access to finance through “MobileFund”, Solomon Islanders can now invest in their businesses and contribute directly to the economic growth of their families, their communities and their country. As with every financial product, it is important to use it wisely. UNCDF is also working to support several digital financial literacy programmes throughout the country.”

YABX Head of New Markets, Anirban Pramanick, shares his enthusiasm for the partnership: “We’re proud to collaborate 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. Our goal is to use our technology to encourage responsible borrowing and savings habits, ensuring that Solomon Islanders have access to credit for emergencies or essential investments without dipping into their hard-earned savings. This innovative partnership paves the way for a more inclusive and prosperous financial landscape in the Pacific Islands.”

SINPF’s “MobileFund” project is funded by Australia and implemented by the United Nations Capital Development Fund (UNCDF) under the Pacific Digital Economic Programme (PDEP). PDEP is jointly administered the UN Capital Development Fund (UNCDF), the UN Development Programme (UNDP) and the UN Conference for Trade and Development (UNCTAD). The Programme is supported by the Governments of Australia, New Zealand and the European Union.