Project Everest

[Proposed Experiment] SoCon Fiji - Regulations and Legal Requirements

Seif Zakri Stacey
Seif Zakri Stacey | Oct 8, 2018 | in Knowledge Base

Lean Phase: Supply Chain / Key Activities

There are a number of statutory and legal standards that need to be satisfied/overcome before operating as a legal microfinance in Fiji. Purpose of the experiment is to identify the legal and regulatory standards that surround operating as a microfinance in Fiji and seeing whether that’s possible to go ahead

Time Period:
1 week

Success Metric:
Specific: Understand the regulatory environment in Fiji
Measurable: Quantify and qualify all of the sections of the relevant legislation
Positive/Negative outcome:
Positive - Regulations are able to be worked around efficiently and effectively
Negative - No you are not able to establish yourselves as a micro-financer as a foreign entity

Green Light: Proceed with future proposed experiments as SoCon as a micro-financer

Success Point: 80% of regulations are easy to overcome/have already been overcome, and 20% need to be addressed with resources.

Orange Light: Contact/set up direct meeting with relevant government stakeholder to discuss exactly what more can be done

Red Light: Falls below 50% of regulations easy to overcome/address
Looking at a domestic third party provider to provide micro-financing on our behalf

Experiment Build
What method:
What government agencies/legislations govern this area of operations within Fiji
Contacting government officials directly
Organising meetings
Writing reports from results of the meeting
Team meeting to determine whether there is a green, orange or red light
Looking at case studies of foreign loan providers
Looking at how many there are in total and analyse 25% of that sample size

Tagged users
edited on 8th October 2018, 08:10 by Seif Zakri Stacey

Seif Zakri Stacey Oct 8, 2018

Improves: Have you thought about where you are going to find the legal expertise about understanding these regulations? Do you need to talk to someone about this?

With your red light point, should there also be a comment about a piece of regulation which cannot be overcome (or which you think can’t be overcome/ is too expensive etc).

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