Sole, Your New Investment App
A new digital and investment app, Sole, was recently introduced aimed at assisting customers with investment and saving plans.
A first for Fiji and the South Pacific, the app will allow a sustainable wealth creation for the whole Pacific region and beyond.
Chief executive officer, Mereia Volavola said it was the first time that digital on-boarding was happening on a fintech platform.
“We want Sole customers to be savers rather than spenders,” Ms Volavola said.
“By building up their savings they can fund their small business, education opportunities, better health services and access to nutritious food.
“It’s a tool to assist better personal financial management,” Ms Volavola said.
The Sole App.
About Sole Tech
Sole is derived from the itaukei word, “Solesolevaki” it’s a communal concept where everyone takes part to help in a project, wedding, funeral or Vanua function.
“With everyone giving the little they have, it can result in a huge contribution,” she said.
“So for Sole users, dropping small funds little by little in a bucket will grow over time. We want Sole customers to be savers not spenders.”
Processes
The savings and investment accounts will be linked to Unit Trust of Fiji, licensed financial institutions term deposits and/or Fiji National Provident Fund, depending on customer preferences.
Users can deposit their savings through the company’s trust accounts at Bred Bank and Bank South Pacific.
They can also use their own internet banking to transfer funds from their bank accounts to Sole e-account.
Ms Volavola said the development of the Sole account took their team about five months to complete.
Chief executive officer, Mereia Volavola.
Benefits
The Sole Fintech App allows customers to have as many as 20 buckets to plan their expenses, savings and investments.
For the unbanked and the marginalized communities in rural areas and on the islands would have the opportunity to save and invest at the same time.
Overseas remitters will have the choice on which bucket they can remit their funds to, like the payment for electricity bill, water bill, groceries, weddings, funerals or family projects.
Fiji citizens living abroad can also create their local Sole account.
Users can use their birth certificate and voter ID card for ID documents and the App will take a selfie photo of the person to match their photo ID.
Any individual can access Sole from anywhere in Fiji using their mobile phones, tablets or laptops as long as internet connection is available.
Feedback: sosiveta.korobiau@fijisun.com.fj
