FTA Co-operative Thrift Limited

Fijian Teachers Association Co-operative Thrift Limited

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Chairman’s Address

Mr. Iosefo Volau
Chairman – FTACTL

Throughout 2022, we have made remarkable progress in implementing, monitoring, and evaluating the FTACTL Strategic Plan 2022 to 2026, with our vision to “Excel through innovation, Future-proofing and SOLESOLEVAKI”. The foresight of the FTACTL Board has led us to work closely with our members, fostering collaboration (SOLESOLEVAKI) to realize our vision. Our mission is centered on creating, adapting, and prudently delivering innovative value-added products and services to improve the lives of our members and their families.

In pursuit of this mission, the Board conducted over 23 branch and cluster consultations across the country, engaging with members to inform them about current and new products and services. These visits not only served to provide information but also allowed us to listen to valuable feedback and creative ideas from our members. We are committed to incorporating their suggestions in order to enhance existing products and services and develop new ones that will benefit our members and their families.

Though the loans has increased by $2,321,227 in 2022 compared to 2021, there is some indication of a gradual change in mind set of members as evident by the increase in investments in the Ika ni yabaki, vavakada and Na I lololo from $237,679 in 2021 to $346, 015 in 2022.

To guide our journey from 2022 to 2026, the Board has developed strategies based on the four pillars of “SOLESOLEVAKI” – Collaboration, Data-driven decision making, Customer-centric approach, and Innovation. These pillars will help us integrate environmental, social, resilience-building, and ethical governance commitments across the FTACTL, SNQ, and FTA organizations.

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;

  • Approval by FNPF to recognize FTACTL as 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 contributed to significant financial achievements, including: 
  • Operating within our means, with no bank overdraft or bank loans since 2017.
  • Cash-based land purchases for the Teachers Residential and Farming Village project initiative.
  • Offering a low-interest rate of 6.5% at reducing balance for teachers purchasing residential and farming village properties.
  • Comparative analysis of data for 2021 and 2022 respectively (financial audited report 2021 & 2022).
  • Increase in dividends distributed to members from $150,000 to $180,000.
  • Growth in members’ funds from $17,097,113 to $18,707,994.
  • Increase in FTACTL Share SNQ from $2,781,151 to $3,156,151.
  • Surge in members’ loans from $13,556,403 to $15,877,630.
  • Positive growth in Na I Lololo investments from $169,825 to $252,385.
  • Increase in Ika ni Yabaki investment from $66,754 to $79,030.
  • Growth in Na I Vavakada investment from $1,100 to $14,600.
The Way Forward 
Moving forward, it is essential for FTACTL to continue striving for excellence. We must focus on realizing our vision by actively engaging with our members to gather ideas on innovative ways to improve our current products and services. By incorporating their feedback, we can ensure that our future-proof products truly benefit our members and their families. 
 
Furthermore, it is crucial to review and streamline the operations and marketing of our current investments in SNQ, FTACTL farms, and the Teachers village. By doing so, we can maximize returns and optimize the utilization of these assets. We will also explore opportunities to strategically expand and diversify our members’ investments into prudent, smart business enterprises such as development on land, property, forestry, and tourism. This will not only expand our cooperative’s revenue base but also significantly increase the income earned through property and business investments, thereby optimizing members’ returns. 
In conclusion, I would like to express my deepest gratitude to the FTACTL Board, management, staff, and all our valued members for their unwavering support and dedication throughout the year. It is through your collective efforts that we have achieved significant milestones and set a strong foundation for the future growth and success of our co-operative. Thank you once again for your trust and commitment. 
 
As we approach the joyful season of Christmas, I would like to take a moment on behalf of the Board to extend our warmest wishes to each and every one of you. May this special time of year bring you an abundance of joy, peace, and happiness.