Sole Ltd

Company Profile: Sole Ltd's Foundation and Vision in Fiji

Sole Limited, a wholly Fijian-owned fintech enterprise, is making significant strides in the nation's digital financial landscape. Established in 2022 by Semi Tukana, Sole Ltd operates as a subsidiary of Nasatech Labs, a Pacific software development firm with deep roots in the region. The company is duly incorporated in Fiji and licensed as a credit institution by the Reserve Bank of Fiji (RBF), specifically for e-money issuance and domestic remittance services. Its mission extends beyond mere transactions, aiming to foster financial literacy and inclusion, especially among the under-banked rural populations, youth, and low-income customers.

At its core, Sole Ltd's platform is an electronic wallet system. What sets it apart is the innovative use of user-defined 'buckets' that allow individuals to segregate funds for specific financial goals, such as savings, bill payments, or peer transfers. This unique 'bucket-based' approach encourages disciplined financial management. The company also targets the Fijian diaspora and migrants, offering affordable remittance solutions that connect families and communities. Under the leadership of founder and CEO Semi Tukana, a software veteran with over two decades of experience in the Pacific, and Chief Executive Officer Mereia Volavola, appointed in 2024, Sole Ltd is positioning itself as a key player in Fiji's digital future, with a focus on community-centric financial tools.

Understanding Sole Ltd's Digital Financial Services

It is crucial for potential users to understand that Sole Ltd does not operate as a traditional lending institution. Unlike companies offering personal or business loans, Sole's license from the Reserve Bank of Fiji covers e-money issuance, domestic money transfers, cross-border remittances, and merchant acquisition. Therefore, customers seeking formal credit products with interest rates and repayment schedules will not find them directly offered by Sole Ltd.

Instead, Sole's platform is built around empowering users with tools for managing their own money and facilitating transfers. Any mention of credit functionality within Sole's ecosystem refers to informal 'peer advances' or 'social lending' that occur within user-defined social groups (often termed 'veilomani' or 'solesolevaki' in Fijian cultural context). These arrangements rely on mutual trust and social collateral among group members, rather than formal underwriting or regulated credit terms by Sole Ltd itself.

Key Services and Fee Structure:

• Electronic Wallet: Free issuance, allowing users to hold and manage digital funds.
• Domestic Transfers: Users can send money to other Sole wallet holders within Fiji. Estimated fees range from FJD 0.50 to FJD 1.00 per transaction (approximately USD 0.22 to USD 0.44).
• Cross-Border Remittances: Sole Ltd facilitates sending and receiving money internationally, offering a more affordable alternative to traditional channels. Remittance fees typically vary by corridor, estimated between 1.5% and 3% of the amount sent.
• Merchant QR Payments: Users can make payments to participating merchants using QR codes. The platform reportedly absorbs merchant fees, meaning consumers generally face no direct charge for these transactions.
• Budgeting Buckets: A core feature allowing users to categorize and allocate funds for specific savings goals or expenses, promoting better financial management.
• Peer-to-Peer (P2P) Transfers: Instant transfers between individual Sole wallet users.

Given the absence of formal lending, Sole Ltd does not have interest rates, collateral requirements, or credit terms associated with loans. The focus remains on transaction-based services and personal financial organization.

Navigating the Sole Ltd Platform: Application and User Experience

Sole Ltd prioritizes accessibility and ease of use, making its financial services readily available through various digital channels and strategic partnerships.

Application Process and Requirements:

Onboarding with Sole Ltd is designed to be swift and entirely digital, removing the need for physical branch visits:

• Channels: Users can apply through the Sole mobile app (available for Android on Google Play with a 4.4-star rating and over 10,000 installs, and also for iOS, though specific ratings are unverified) or via their responsive web portal at sole-fintech.com.
• Know Your Customer (KYC): To comply with financial regulations, applicants must provide a valid Fiji passport or national ID, a mobile number, and an email address.
• Verification: The process includes OTP SMS verification to secure the mobile number and an in-app photo ID upload.
• Approval: Most applications are approved within minutes, providing quick access to the digital wallet services.

Mobile App Features and User Experience:

The Sole mobile app is central to its offering, praised by users for its intuitive interface and robust functionality:

• Key Features:
  • Budget Buckets: The standout feature, allowing users to create virtual envelopes for different financial goals like rent, food, or savings.
  • Goal Tracking: Helps users monitor progress towards their financial objectives.
  • P2P Transfers: Seamlessly send money to friends and family within the Sole network.
  • Remittances: Initiate and receive cross-border money transfers directly from the app.
  • Merchant QR Pay: Conveniently pay for goods and services at participating vendors.
• User Ratings: The Android app holds an average rating of 4.4 stars from over 290 reviews, with many users commending its ease of use and effective budgeting tools.
• Digital Presence: Beyond the app, Sole Ltd maintains an informative website with FAQs and support chat. Their YouTube channel offers digital onboarding tutorials, ensuring users can get started easily.

For those who prefer cash transactions, Sole Ltd has a vital partnership with Post Fiji Ltd, enabling cash-in and cash-out services at over 80 outlets nationwide. This hybrid approach ensures that even individuals in remote or rural areas with limited banking access can still leverage Sole's digital services.

Regulatory Compliance, Market Standing, and Future Outlook

Sole Ltd operates within a carefully regulated environment, ensuring consumer protection and adherence to national financial guidelines. Its unique market position is shaped by its focus on financial inclusion and digital innovation.

Regulatory Status and Oversight:

• Licensing: Sole Limited is licensed as a Credit Institution (specifically for e-money issuance) by the Reserve Bank of Fiji (RBF). Its services include domestic money transfer, cross-border remittance, merchant acquisition, and e-money operations.
• Regulatory Sandbox: Sole was a participant in the RBF's FinTech Regulatory Sandbox, successfully concluding its pilot phase in April 2023. This participation highlights the RBF's active oversight and support for innovative financial technologies in Fiji.
• Compliance: The company strictly adheres to RBF's Data Reporting Policy, submitting annual reports, and follows Consumer Protection Guidelines to ensure transparency and security for its users. As of September 2025, no regulatory penalties or enforcement actions have been reported against Sole Ltd.
• Consumer Protection: Sole Ltd ensures transparent fee disclosures through its app and website. It employs two-factor authentication (OTP SMS) and in-transit encryption for all transactions, safeguarding user funds and personal data.

Market Position and Competition:

In Fiji's digital financial landscape, Sole Ltd navigates a competitive environment alongside established players:

• Major Competitors: Vodafone M-PAiSA, Digicel e-wallet, and BSP Mobile Banking are key competitors. These platforms also offer mobile money and payment services, leveraging their extensive customer bases.
• Differentiation: Sole Ltd distinguishes itself through its strong emphasis on budgeting buckets, unique peer-group saving features (rooted in local customs like 'solesolevaki'), and social remittance channels. Its focus on financial literacy and community-based financial management provides a unique value proposition.
• Growth and Recognition: With over 10,000 app downloads and an estimated 15,000 registered members, Sole Ltd shows promising growth. Its recognition as a runner-up at the AFI Global Policy Forum 2025 signifies its regional impact and potential. The company reportedly plans to expand its user community to 80,000 and explore the introduction of micro-credit features by 2026 (this remains unverified).
• Partnerships: Strategic alliances with Post Fiji Ltd for cash services and local merchants for QR Pay acceptance are crucial for extending its reach, especially in rural areas.

Customer Experience:

• User Reviews: Feedback generally highlights an intuitive user interface, effective budgeting tools, and the benefits of its social saving model. Early-stage development bugs were reported in late 2022, but the overall sentiment is positive. Occasional login errors have been noted.
• Customer Service: Sole Ltd offers support via email and WhatsApp, with an average response time within 24 hours. In-app FAQs and tutorial videos also assist users.
• Success Stories: Anecdotal evidence suggests positive impacts, such as rural farming cooperatives utilizing bucket savings for funding purchases and diaspora remittances seeing cost reductions of up to 50% compared to traditional methods.

While financial performance details are not publicly disclosed, Sole Ltd reported pilot transaction volumes worth FJD 1.2 million by April 2023 (unverified). Seed funding from Nasatech Labs supports its operations, and the company is reportedly exploring an impact investment round targeting FJD 500,000 in late 2025 (unverified).

Wise Use of Sole Ltd's Digital Wallet: Advice for Fijian Users

For individuals and communities in Fiji considering Sole Ltd's digital financial services, understanding how to best utilize its unique features is key. Since Sole Ltd does not offer traditional loans, the advice focuses on leveraging its strengths in budgeting, saving, and secure transactions.

• Embrace the Bucket System: The user-defined 'buckets' are Sole's most powerful tool for financial management. Designate specific buckets for various goals:
  • Emergency Savings: Set aside funds for unexpected events.
  • Household Expenses: Allocate money for rent, utilities, and groceries.
  • Children's Education: Consistently save for school fees or supplies.
  • Community Contributions: Manage funds for traditional 'solesolevaki' or 'veilomani' contributions transparently.
  This practice promotes financial discipline and helps users avoid overspending.
• Budgeting for Stability: Regularly review your income and expenses within the app. Sole's tools can help you track where your money goes, enabling you to make informed decisions and build a stable financial foundation.
• Smart Remittances: If you have family abroad, encourage them to use Sole's remittance services. Compare the estimated fees (1.5% to 3% of the amount sent) with traditional money transfer services to ensure you are getting the most cost-effective option. This can significantly reduce the cost of sending money home to Fiji.
• Secure Transactions: Always ensure you are using the official Sole Ltd app or website. Be diligent with your login credentials, and never share your One-Time Passwords (OTPs). The two-factor authentication feature is there to protect your funds.
• Understand Peer Advances: While Sole facilitates peer-to-peer transfers, any informal lending within social groups is based purely on mutual trust. Sole Ltd is not a guarantor for these 'veilomani' arrangements. Exercise caution and clear communication when participating in such informal credit pooling.
• Utilize Cash-In/Cash-Out: For those in rural areas, the partnership with Post Fiji outlets is invaluable. Understand the locations and operating hours of these outlets to manage your physical cash needs effectively, seamlessly integrating them with your digital wallet.
• Stay Informed: Regularly check the Sole Ltd app and website for updates on fees, services, and any new features. Engage with their customer support via email or WhatsApp if you encounter any issues or have questions.

By understanding Sole Ltd's capabilities and limitations, Fijian users can effectively harness these digital tools to manage their finances, save for important goals, and connect with their communities, contributing to greater financial inclusion across the islands.