Merchant Finance

What Merchant Finance does

Merchant Finance Pte Limited is Fiji's largest non-bank licensed credit institution, founded in 1986 through a partnership involving Australian Guarantee Corporation, International Finance Corporation, and Fiji Development Bank. Operating under a Credit Institution License from the Reserve Bank of Fiji since 1992, the company is a subsidiary of the Fijian Holdings Group conglomerate and runs nine physical branches across both Viti Levu and Vanua Levu, including remote island locations such as Taveuni and Savusavu. Its product portfolio spans motor vehicle finance, home loans (including a market-first zero-deposit variant), land loans, land subdivision loans, personal loans (secured and unsecured), MSME loans, equipment finance, working capital finance, secured commercial loans, and term deposits. The company serves four primary customer segments: general consumers and businesses; first home buyers; women-owned MSMEs via the Marama Finance sub-brand with ADB backing; and indigenous iTaukei resource owners via the Vanua Finance sub-brand, which is supported by a government interest subsidy scheme administered through an MoU with the Ministry of iTaukei Affairs.

The company's underlying technology platform is the $3.5 million KiyaAI cloud-enabled core banking system announced in March 2026, which replaces a legacy lending platform and provides automated workflow management, integrated data systems, credit assessment analytics, and mobile/web application integration for the MFL Loans Portal. Payment infrastructure spans EFTPOS at all branches, M-Paisa mobile payments, Post Fiji outlets, and internet banking integrations with ANZ, BSP, Westpac, BRED Bank, and HFC Bank.

Merchant Finance's revenue model is anchored on net interest spread from lending, supplemented by term deposit liability funding and an emerging insurance agency income stream via the Capital Insurance partnership. Distribution combines branch-based relationship management and lending officers with digital self-service and a network of institutional channel partners — notably FNPF panel lender status, ADB concessional finance, the iTaukei Affairs MoU, and the Capital Insurance agency MoU. The stated strategic intent is a transition from non-bank credit institution to fully licensed commercial bank, with the KiyaAI platform positioned as the bank-ready technology foundation.

Name

Merchant Finance

Legal name

Merchant Finance Pte Limited

Website

https://merchantfinance.com.fj

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

51–100 employees

Short description

Merchant Finance is Fiji's largest non-bank licensed credit institution, offering consumer, MSME, home, and land subdivision loans across nine branches under a Reserve Bank of Fiji license, with a stated ambition to transition to a fully licensed commercial bank.

Ownership category

akta.pro rank

Product category

Non-Bank Consumer and Commercial Lending

NAICS

Depository Credit Intermediation (5221), Sales Financing (52222)

SIC

Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141)

akta.pro primary industry

SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)

akta.pro secondary industries

SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF), SME Cash Management & Payments (Merchant, ACH/Wires, Payroll) (FSABABAD)

Keywords

• Consumer lending
• Commercial lending
• Home loans
• MSME financing
• Non-bank credit institution

Headquarters

HQ city

Suva

HQ country

Fiji

HQ region

Oceania

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Loan Interest Income: Primary revenue from interest charged on various loan products including motor vehicle financing, working capital solutions, secured/unsecured personal loans, secured commercial loans, home loans, MSME loans, land loans, and land subdivision loans
2. Term Deposit Investments: Investment products including business term deposits and personal term deposits, generating fee/interest spread revenue
3. Digital Banking Services: Revenue from digital-first banking services including real-time account access, mobile/web application services, and automated processing

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Merchant Finance is Fiji's largest non-bank licensed credit institution, offering personal and business loan products including motor vehicle finance, home loans, land loans, MSME loans, working capital, equipment finance, and term deposits. It operates nine branches across Fiji with digital self-service via the MFL Loans Portal and runs two specialized verticals: Vanua Finance (indigenous iTaukei resource owners) and Marama Finance (women entrepreneurs).

Product overview

Merchant Finance is Fiji's largest non-bank licensed credit institution offering a comprehensive suite of financial products across business finance, personal finance, and specialized segments. The core offering centers on the KiyaAI-powered cloud banking platform which integrates loan management, mobile/web applications for customer self-service, automated notifications, and real-time account access. Business finance products include Equipment Finance, Motor Vehicle Finance, Working Capital Finance, Secured Commercial Loan, and the specialized Vanua Finance sub-brand for indigenous resource owners. Personal finance products include Unsecured Personal Loan, Secured Personal Loan, Home Loan (zero-deposit product), Land Loan, and Land Subdivision Loan. The MSME Loan product targets women entrepreneurs in partnership with ADB, supported by the Marama Finance sub-brand. Investment products include Term Deposits for business and personal customers. The company operates a digital channel through the MFL Loans Portal with nine physical branches across Fiji.

Differentiator

Problem solved

Functional benefit

Brands

• Vanua Finance: Dedicated team focusing on indigenous-based financing for resource owners and indigenous businesses. Focus areas include Land Subdivision, Tourism, Gravel Extraction, and Commercial Property Development.
• Marama Finance

Products and services

• Motor Vehicle Finance Vehicle financing product for personal customers to purchase vehicles, available with a zero deposit option through the personal finance line.
• Home Loan Fiji's first zero-deposit home loan for first home buyers, offering up to 90% financing on home construction loans with competitive interest rates for combined income of $50,000 and below.
• Unsecured Personal Loan Personal loan product with flexible repayment options requiring no collateral, available through online application process.
• Secured Personal Loan Personal loan product requiring collateral as security for the financing.
• Land Loan Land financing product for residential land purchase with one of the lowest deposit requirements (10%), interest rate of 10% on reducing balance, and loan term up to 10 years.
• Land Subdivision Loan Market-unique land development financing providing 100% financing for civil work (roads, drainage, infrastructure) with government-backed interest subsidy for indigenous landowners for the first 3 years.
• MSME Loan Micro, Small and Medium-sized Enterprises loan developed in partnership with ADB, designed for women entrepreneurs with competitive 9.49% interest rate on reducing balance, loans up to $500,000, term up to 7 years, and up to 200% loan-to-security value ratio.
• Business Motor Vehicle Finance Business vehicle financing product for commercial fleet and vehicle purchases by business customers.
• Secured Commercial Loan Business financing product requiring collateral security for commercial purposes.
• Working Capital Finance Business financing product designed to support operational working capital needs for businesses.
• Equipment Finance Business financing product for acquiring equipment and machinery for business operations.
• Business Term Deposit Investment product available for business customers with MFL's 1992 Credit Institution License.
• Personal Term Deposit Investment product available for personal customers enabled by MFL's 1992 Credit Institution License.
• Vanua Finance Specialized financing service dedicated to indigenous iTaukei resource owners with four focus areas: Land Subdivision, Tourism, Gravel Extraction, and Commercial Property Development; manages government-approved interest subsidy scheme.
• Marama Finance Specialized financing service dedicated to women entrepreneurs, supporting women-owned MSMEs with financial solutions for existing businesses requiring up to $500,000 in funding, Agriculture and Fisheries value chains, and commercial mechanized production.
• MFL Loans Portal Customer self-service online portal providing loan account information access, loan applications, and document management via web and mobile.

Quantifiable outcome

• 104 iTaukei owned businesses financed with $11m in 6 months (July-December 2024)
• +5 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability6 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core, strategic and minor.

• KiyaAIcoreTechnology or Integration · 16 March 2026Technology collaboration with global fintech provider KiyaAI for $3.5 million core banking system upgrade. New cloud-enabled platform replaces traditional lending platform with modern banking infrastructure supporting multiple financial services. Implementation expected to take 8 months covering system design, development, testing, staff training, and full deployment. Provides automation, workflow management, integrated data systems, and mobile/web app integration.
• Capital Insurance LimitedstrategicChannel Partner/ Reseller/ Distributor · 7 August 2025MoU signed August 2025 for MFL to act as authorized agent of Capital Insurance. Customers can learn about and sign up for insurance products (motor, home, business, medical, term life) at point of financing vehicles and homes. Aligns with robust vehicle finance portfolio and Zero-Deposit Home Loan launch.
• Fiji National Provident Fund (FNPF)coreChannel Partner/ Reseller/ Distributor · 5 May 2025Approved panel lender under FNPF Housing Withdrawal Assistance scheme effective May 2025. Enables eligible FNPF members to use housing entitlements as deposit for home loan applications or reduce balance on existing housing loans. Supports Merchant Finance's Zero Deposit Home Loan customers to supplement loan shortfall with eligible FNPF funds.
• Leadership FijiminorGTM or Marketing Partner · 1 November 2024Three-year Silver Partnership providing financial support for Leadership Fiji's flagship leadership development program, networking opportunities, and community-based projects. CEO Veilawa Rereiwasaliwa is Leadership Fiji 2017 Alumni. Partnership reflects commitment to leadership excellence and community service.
• Ministry of iTaukei Affairs, Heritage and ArtscoreStrategic or Co-development Partner · 1 July 2024MoU signed July 2024 for government payment of interest subsidy on loans provided by Merchant Finance to resource owners. Supports financial inclusion and economic empowerment for iTaukei people. Vanua Finance team manages government-approved interest subsidy scheme targeting land subdivision, resource extraction, tourism sector, and commercial property investment.

Scale indicators10 records

Recent moves6 records

Expansion highlights1 record

Broad incumbents

• Westpac Fiji: Major Australian-owned commercial bank in Fiji with a broad retail and SME franchise; competes directly with Merchant Finance on personal loans, home loans and motor vehicle finance.
• ANZ Bank Fiji: One of the dominant full-service commercial banks in Fiji; competes across home loans, vehicle finance, and SME lending, and is the source of recent Merchant Finance senior hires (GM Vanua Finance, Manager Assurance).
• BRED Bank Fiji: French-owned commercial bank operating in Fiji with retail, SME and corporate banking; provides a competing channel for loan repayments and overlaps with Merchant Finance on consumer and SME lending.
• Bank of South Pacific (BSP) Fiji: Fiji's largest commercial bank offering the full spectrum of retail, SME and corporate banking; competes with Merchant Finance across consumer lending, MSME and home loans, and is the source of Merchant Finance's recently hired GM Central.

Others

• Capital Insurance Fiji: Fiji general insurer partnered with Merchant Finance via an August 2025 MoU for cross-sell of motor, home, business, medical and term-life insurance at point of financing; adjacent ecosystem participant rather than a direct lender.
• Unit Trust of Fiji (FHL subsidiary): Investment-management arm of Fijian Holdings Group (the same parent as Merchant Finance); not a lending peer but a sister entity enabling customer cross-sell (e.g., Mataqali Ulivi reinvested $40,000 in Fijian Holdings Unit Trust).
• Tower Insurance Fiji: Pacific insurance group that has been a feeder of management talent to Merchant Finance (two senior hires) and operates in adjacent financial-services territory; not a direct lending competitor.

Direct peers

• Home Finance Company Bank (HFC Bank): Fiji-based specialist housing finance lender also serving the consumer and SME segments; the closest direct analogue to Merchant Finance's home loan, land loan and personal loan book.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Merchant Finance