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Project Summary

[Project Summary] SoCon Fiji February 2019

SoCon Fiji has reached a pinnacle stage in its development on the back of three months of teams working on the ground. For February, the two teams operating on the ground focused effectively on the consumer and institutional space of the problem. Our higher goal across both teams was to evaluate, is it viable for PEV to operate as a Microfinance Institution in Fiji, and ultimately would that solve the underlying social issue of barriers to accessing this business capital. 

The outcome of February is that we have finally defined our problem space and have ample data to start making effective decisions moving forward. Whilst our institutional knowledge has grown immensely, we now understand that we need a more creative solution to this problem.

 

One common issue across both teams was that there are so many existing solutions in the Fiji market, but individuals still face larger issues with even engaging with the services provided. So our solution needs to be able to overcome the same issues that banks are currently facing. The outcome of our BMC was that we can viably run a business in Fiji, but to actually target the problems of our customer segment, we need to evaluate the space for potential products that can effectively 'democratise' their existing choices to financial products and services. In essence, our teams realised we don't need to reinvent the wheel - just optimise it. 

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Status label added: Project Summary

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