14M in loans and growing
South Pacific Business Development Microfinance (Solomon Islands) Ltd. was incorporated in 2012 as a private company under the Companies Act 2009. It is the fourth entity in the SPBD microfinance network. Despite the challenges presented by the Solomon Islands, many important characteristics support SPBD’s success in this new market. There is a clear demand for microloans and a lack of supply of microcredit financial access providers. SPBD has disbursed more than 31,600 microloans in the Solomon Islands worth over $21.1M USD.
Why Solomon Islands?
Solomon Islands ranked low at 155 out of 191 countries in the 2021 Human Development Index (HDI) and has always been among the lowest ranked in the region. Solomon Islands’ per capita GDP is USD 2,005, placing it on the United Nations’ Least Developed Country list. 22.7% of the population lives below the Basic Needs Poverty Line (BNPL). In terms of number of households, there are about 17,500 households living below the BNPL and 3,700 households living just above the BNPL. Today, more than 75% of the labor force is engaged in subsistence farming and fishing. In addition to technical and physical support, according to the World Bank, the country receives roughly 40% of its gross national income in official development aid.
SPBD Solomon Islands by the numbers
US $21.1M
Value of loans disbursed
since inception
31,600
Number of loans made to
hard-working women since inception
5,000
Number of
savings accounts
2,000
Number of
loans outstanding
“Without SPBD no one would have helped me.”
Shirley, canteen owner and piggery farmer, Solomon Islands
About Solomon Islands
The Solomon Islands consists of more than one thousand small islands in the southwest Pacific Ocean, approximately 1,200 miles northeast of Australia. It is 11,000 square miles large (roughly equivalent to the size of Hawaii). This geography presents challenges for financial institutions interested in servicing the country and for residents in need of financial services. The United Kingdom declared the Solomon Islands a protectorate instead of a colony in 1900 and as a result, the Solomon Islands significantly lagged in development. There are two banks in Solomon Islands: Australia New Zealand (ANZ) and Bank South Pacific (BSP).
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