Fiji’s National Financial Inclusion Taskforce (NFIT), a committee formed in 2010 by the country’s national bank the Reserve Bank of Fiji (RBF) and the Pacific Financial Inclusion Program (PFIP), a program established with the intent of increasing access to financial services among low-income households in the Pacific Islands, reportedly has reached 87 percent of its goal of extending financial services to 150,000 unbanked citizens in the country by 2014 [1]. According to a statement attributed to RBF Chief Manager of Financial Systems Development Vereimi Levula, the progress has been achieved by three sectors of NFIT: the financial literacy group, statistics group and microfinance group. The financial literacy group designed and implemented an adult financial literacy program in the country and integrated financial education into the core curriculum at primary and secondary schools. The statistics group monitors the progress of the financial inclusion programs, and the microfinance group provides microfinance services to low-income citizens.
At a workshop on social performance management organized by RBF and held in the city of Suva, Fiji, Mr Levula and 34 participants from various organizations in Fiji analyzed the social impact of the NFIT programs on low-income families in the country. A similar workshop on social impact assessment reportedly will take place in October 2013 in the city of Nadi, Fiji.
As of May 2010 the Reserve Bank of Fiji reported total assets of USD 1.26 billion. The financial data for PFIP is not yet available.
By Meghan Gillis, Research Associate
About the Reserve Bank of Fiji (RBF)
Established in 1983, the Reserve Bank of Fiji (RBF) is the nation’s central banking authority. RBF’s statutory authority includes the following: regulating the financial sector, promoting monetary stability and fostering balanced macroeconomic development of the country. As of May 2010 it had total assets of USD 1.26 billion.
About the Pacific Financial Inclusion Program (PFIP)
The nonprofit Pacific Financial Inclusion Program (PFIP) aims to deliver financial services to poor Pacific islanders who have limited or no access to banks. It was established with funding from the United Nations Capital Development Fund, the European Union and the United Nations Development Programme. As of July 2013, PFIP has operations in seven countries. Financial data on the organization is not available.
Sources and Additional Resources
[1] The Fiji Times: “Progress in reaching the unbanked,” http://www.fijitimes.com/story.aspx?id=241849
MicroCapital brief, February 20, 2013, “MICROCAPITAL BRIEF: 4,700 Attend Westpac Financial Literacy Workshops in Fiji During December 2012,” https://www.microcapital.org/microcapital-brief-4700-attend-westpac-financial-literacy-workshops-in-fiji-during-december-2012/
MicroCapital brief, February 21, 2012, “MICROCAPITAL BRIEF: Financial Literacy Session Promote Savings in Fiji,” https://www.microcapital.org/microcapital-brief-financial-literacy-sessions-promote-savings-in-fiji/#more-17087
MicroCapital brief, June 30, 2011, “MICROCAPITAL BRIEF: Westpac Banking of Australia Implements Government-to-Person (G2P) Payment System Providing Electronic Cash Transfers in Fiji,” https://www.microcapital.org/microcapital-brief-westpac-banking-of-australia-implements-government-to-person-g2p-payment-system-providing-electronic-cash-transfers-in-fiji/
MicroCapital brief, June 8, 2010, “MICROCAPITAL BRIEF: The United Nations’ Pacific Financial Inclusion Program (PFIP) Releases ‘Fiji Financial Services Sector Assessment’ Calling for Expansion of Microfinance Sector, Especially Through the Development of Accessible Savings Services,” https://www.microcapital.org/microcapital-brief-the-united-nations-pacific-financial-inclusion-program-pfip-releases-fiji-financial-services-sector-assessment-calling-for-expansion-of-microfinance-sector-especially-thro/
MicroCapital Universe Profile: Reserve Bank of Fiji (RBF)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Reserve+Bank+of+Fiji+%28RBF%29
MicroCapital Universe Profile: Pacific Financial Inclusion Program (PFIP)
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