Chairman’s Address
It is with great pride and pleasure that I address all of you as we celebrate an extraordinary year in the history of the Fijian Teachers Association (FTA) and its subsidiaries. This year, we mark three monumental milestones: the 90th Granite Anniversary of FTA, the 50th Golden Jubilee of the Fijian Teachers Association Credit Union (FTACU), and the 25th Silver Jubilee of the Fijian Teachers Association Co-operative Thrift Limited (FTACTL). These milestones represent the strength of our collective journey and the legacy we have built over the decades.
We honor the vision and commitment of those who came before us, whose tireless efforts laid the groundwork for the success we enjoy today. Their dedication continues to inspire us as we move forward, and it is through their wisdom that our organizations have flourished.
Our achievements are rooted in collaboration with our members, as we work together to shape a bright future. Guided by our Strategic Plan for 2022-2026, we strive to “Excel through Innovation, Future-Proofing, and SOLESOLEVAKI.”
The vision is centered on the mission of “creating, adapting, and prudently delivering innovative value-added products and services to improve the lives of members and their families.”
Strategic Highlights
Our strategy revolved around building tomorrow’s cooperative today, focusing on improving customer experience and proactively addressing their changing needs. Some highlights included the following;
Since the inception of this strategic journey in 2017, the FTACTL has achieved remarkable milestones that exemplify its dedication to growth, sustainability, and member-centric service, as listed below:
- investment in the purchase of the Software License Agreement from IP1 to replace the obsolete software system.
- The creation and delivery of twelve creative products such as (i) members drive incentive loan, (ii) soft loan, (iii) normal loan, (iv) special loan, (v) discretionary loan, (vi) surety loan, (vii) Microfinance Loan, (viii) Bucibucini loan, (ix) Se na duruka Loan, (x) Education Loan, (xi) Emergency loan and (xii) Secured Loan
- Two Savings products namely (i) Members share, (ii) Compulsory Saving,
- Five Investments products such as (i) Ika ni Yabaki, (ii) Vavakada, (iii) Na I Lololo, (iv) Kakavaki, (v) Teachers Residential and Farming village
- Two benefits such as the (i) retirement benefit and the (ii) death benefit.
- Increase in the FTACTL Share in the FTA business arm, the SNQ from $3,156,151 in 2022 to $3,414,151.00 in 2023.
- Total FTACTL assets increased from $22 million 2022 to $25 million in 2023.
- The FTACTL is in the top three Cooperatives in Fiji in terms of total assets.
- Approval by the FNPF to recognizes the FTACTL as a registered lender.
- Continual investments in technology and business to offer customers a superior, personalized, and relevant experience.
- Increasing investments in properties, such as SNQ Holding to streamline operations and improve efficiency and productivity.
- Diversifying FTACTL sources of revenue by venturing into tourism and timber and logging industries.
- Expanding FTACTL operations, tapping into additional markets, and unlocking new streams of income.
- Collaboration with landowners (Yavusa, Mataqali, and Tokatoka) to maximize the utilization of land and resources, ensuring fair returns and affordable housing through the Teachers Residential and Farming Village project.
- Expansion of creative and future-proof products.
Financial Highlights
The FTACTL Board has made strategic decisions that have significantly contributed to financial achievements, including:
- Offering a low-interest rate of 3.5%-6.5% at reducing balance for teachers purchasing residential and farming village properties through secured loan.
- Increase in dividends distributed to members from $180,000.00 in 2022 to $200,000.00 in 2023
- Increase in members’ loans from $15,877,630 in 2022 to $19,201,969 in 2023
- Positive growth in Na I Lololo investments from $252,385.00 in 2022 to $349,705.00 in 2023
- Increase in Ika ni Yabaki investment from $79,030.00 in 2022 to $90,506.00 in 2023
- Growth in Na I Vavakada investment from $14,600.00 in 2022 to $14,863.00 in 2023.
- The acquisition of the Natabua, Nakadi, and Legalega land purchases was successfully completed through a cash payment of $698,043.18 by FTACTL.
The Path Ahead: The FTACTL’s Vision for Growth and Sustainability
Moving forward, it is essential for the FTACTL to focus on realizing its vision by continuing to actively engage with our members on innovative ideas to continuously improve investments, products, and services. It is crucial to continually review and streamline the existing investments in SNQ Holding PTE Ltd., FTACTL farms, Teachers Residential, and farming villages and to diversify and expand investments towards prudent, smart business enterprises such as the forestry and tourism sectors.
In the realm of forestry, we are poised to capitalize on the potential of the logging and timber value added industries. Through our strategic investments in hotel development, we aim to tap into the burgeoning hospitality market, catering to the evolving needs and preferences of discerning travelers while creating a source of sustainable revenue generation for the FTACTL. By pursuing these wise and innovative commercial ventures, the FTACTL hopes to diversify its income streams, strengthen its financial position, and eventually optimize returns for our valued members. This will lessen its reliance on member subscriptions. We are in a position to steer a route that not only ensures our current success but also opens the door for resilient and sustainable growth in the years to come through smart decision-making and measured risk-taking.
As the year draws to a close, it is with great pleasure that I, on behalf of the Board, extend our heartfelt wishes to all members: a happy 90th Granite anniversary for the FTA parent body, a 50th Golden Jubilee for FTACU, and a 25th Silver Jubilee for FTACTL.