FTA Co-operative Thrift Limited

About Us

History of FTACTL

The transition of FTAHAS to FTACTL brings with it its own challenges. Though FTACTL was formalized in 2010, it existed as a separate entity until they merged as FTACTL in 2013. Formalization of the FTACTL brings it under the Co-operative Act and necessitated the alignment of operations, and structure to the Co-operative legislation. Though the entities were amalgamated, FTACTL was still administered and operated directly under the FTA Executives in alignment to the FTAHAS structure and operations. In compliance to the Co-operative Act, an FTACTL Special AGM was called on 21st March 2017 and the following FTACTL Board members were elected as interim Board members of FTACTL: Mr. Aisake Tuapati, Mr. Iosefo Volau, Mr. Solomone Seru, Mrs. Nanise Kamikamica, Mrs. Unaisi Vuetaki and Mr. Meli Yabakivou.

In the FTACTL AGM on August 2017, a new Board was formalized with the inclusion of Mr Semi Vela, Mr Rafaele Madra and Mrs Iva Powell.  The Board under the Chairmanship of Mr Aisake Tuapati continued to work on relevant legislations and putting books right.  A Supervisory Board was also elected to oversee the functions of the FTACTL Board to the Policies in alignment to the Co-operative Act.  Mr Tuapati resigned for personal reasons in December 2017, making way for the newly elected Board Chairman, Mr Iosefo Volau to continue.

The sudden demise of the former Treasurer, Mrs Unaisi Vuetaki saw the inclusion of Mr Akuila Vute and the re joining of Mr Tuapati  after the 2018 AGM.

Though the FTAHAS Policy was still intact to a large extent, the authorities concerned, no longer used the policy to guide the operations of FTACTL whose main objective encouraged savings among members and the provision of loans to members. The FTACTL virtually had been operating without a policy and a systematic process, resulting in loan procedures and processes being implemented without proper guidelines. This has ensued in approved loans beyond the member’s capacity to repay and defaulters not being followed up resulting in exorbitant amount of bad and doubtful debts.

The FTACTL Board’s main task from their date of appointment in August 2017, to the next FTACTL AGM, was to review the Operations, Structures, By-Laws of the FTACTL and its Policies, comply with the requirements of the Co-operative Act as well as practice and put in place ethical standards.  

The FTACTL Board has grown from strength to strength thence and the inclination of members to distrust was now revived with the TRUST the FTACTL Board had worked hard to achieve through the integrity of their Transparency, empowering the members to step up their contribution not only through funds but by raising their concerns that assisted in the Co-operatives growth.  Earning the Respect of the members through the Boards sharing of intellectual property for the efficient operations of the Co-operative by understanding that changing landscapes needed reformed reviews, and ultimately having a Shared Vision with the members for a new direction brought about Transformation that was very much needed to construct a positive progress in leaps and bounds for the development of the Co-operative.

Vision

Excel through Innovation, Future Proofing and ‘SOLESOLEVAKI

Mission

Creating, Adapting and Prudently Delivering Innovative value-added future proof products and services for members and their families through 'SOLESOLEVAKI'.

Values

T ransparent
R espect
U nderstanding
S hared Vision
T ransformation
I nnovation
S oleolevaki

Objectives

(a) To promote thrift among its members
(b) To receive the Savings of its members either as payment on Shares, Savings, Investments or Deposits
(c) To encourage Thrift and Savings amongst members, providing them an opportunity to accumulate their Shares, Savings, Investments and Deposits and creating a source of funds from which Loans can be available for provident or productive purposes.
(d) To promote the economic and social interests of its members by providing efficient and effective services to meeting the needs of members.

Achievements

1.       Formulated FTACTL Policy and Bylaws

2.       Formulation of FTACTL Finance Policy

3.       Formulation of Anti-Corruption Policy

4.       Formulation of Staff HR Policy

5.       Formulation of Members’ Code of Conduct Policy & Counseling and Disciplinary Policy

6.       Formulation of Vehicle Policy

7.       Repayment of 700k overdraft at bank

8.       Accumulated savings of over a million Dollars

9.       Took over loan repayments at Nai Vakananumi Apartments (SNQ) & Full takeover of operational running - LEGAL

10.   Upgraded facilities for Air B&B Apartments( SNQ)

11.   Amendment of Body Corporate Constitution and Articles of Association

12.   Convened the first ever SNQ AGM

13.   Facilitated long awaited member dividends.

14.   Assisted new members in their preparation for initial posting with $1000 initiative loans

15.   Established wide consultative reach out to members

16.   Review of FTACTL Policy

17.   Purchase of a lot at Nakadi in Navuso, earmarked for Development purpose.

18.   Launched the first FTACTL Website

19.   Setting up members’ access to FTACTL Portal

20.   Yaqona Tasting and Marketing (including Logo design Competition)

21.   Yaqona Sales & Yaqona Lab construction

22.   Invitation to LOLOLO Investors

23.   Membership Drive – Reopening membership to those that have withdrawn and intend to rejoin

24.   Continuing pursuance of debt recovery

25.   Initiated consultation, mediation for Broader Business Horizon with NGO’s such as Pharma Plus, Kava Korp and Taki

26.   Re envisaging proposals for the development of Lot 11

27.   Assistance of 50c per member upon a death of a colleague, as reguregu assistance.

28.   Created many Investment Products to benefit members

29.   Achieved the biggest membership Drive ever to have joined FTA

30.   Initiated In-House Insurance cover.

31.   Reviewed and Restructured workers engagement rights

32.   Invested in initiating staff up skilling workshops

33.   Created Compulsory Savings for all members, as an Investment.

34.   Instituted Court action on Accused personnel for Fraudulent Conduct

35.   Securing Lease customary rights at Vanuavou for Yaqona Farm (50 acres)

36.   Invested in a total of 19,000 audited Yaqona plants in Vanuavou.

37.   Dalo, Uvi harvest from Vanuavou farm as short term crop

38.   Articulating returns on lease and privileged rights for Land-owners

39.   Securing lease rights at Korovisilou for further farming developments

40.   Invested in the purchase of FTACTL Vehicle

41.   Improvement in turnaround time for loan processing

42.   Renovations in to new FTACTL Office.

43.   Introduction of MPaisa to assist in members in quick disbursement of funds

44.   Initiated Upgrade of the IT System from CFS to ThriftPlus1 Software Systems

45.   Go GREEN initiative – a paperless enterprise for cost cutting measures

46.   Investment rights under FTA recaptured under FTACTL ownership status