The United Nations’ Pacific Financial Inclusion Program (PFIP) has recently released the report “Fiji Financial Services Sector Assessment.” According to the report, About 109,000 households in Fiji do not have access to savings, credit or other financial services [1]. The report highlights that, although the nation has a well-developed financial sector, it primarily caters to the affluent and salaried urban population, and there are missed opportunities for the financial inclusion of more Fiji Islanders, particularly considering Fiji’s favorable infrastructure. There is a large network in Fiji of automatic teller machines (ATMs) and point of sale (POS) devices and a reliable credit bureau, which can adequately serve the untapped markets. According to the report, Fiji’s legal and regulatory environment, its increasingly sophisticated and affordable telecommunications services and the Reserve Bank of Fiji’s (RBF’s) keen interest in promoting microfinance are also all favorable towards the expansion of microfinance to the poor and more remote populations. In response to the publication of the report, the RBF is working to find ways to more effectively serve low-income clients, particularly with low-cost, accessible savings services.
By Conner Brannen, Research Assistant
About Pacific Financial Inclusion Program (PFIP):
The Pacific Financial Inclusion Program (PFIP) is a United Nations sponsored initiative established in 2004, which works to extend sustainable financial services to the 80 percent of Pacific islanders who remain unbanked. The project offers funding to a broad range of stakeholders including policy makers, regulators, financial services providers and regional and international organizations working in pro-poor financial services. The primary criteria for support is that it will lead to greater efficiency (in terms of lowering costs) and access by low income and rural people to sustainable financial services. Financial information for PFIP is unavailable.
About 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: to regulate the financial sector, to promote monetary stability and to foster balanced macroeconomic development of the country as a whole.
Sources and Additional Resources:
[1] Pacific Financial Inclusion Program (PFIP): “Fiji Financial Services Sector Assessment,” June 2010: http://www.undppc.org.fj/pages.cfm/publications/pfip-reports
[2] MicroCapital Universe Profile: Pacific Financial Inclusion Program (PFIP): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Pacific+Financial+Inclusion+Program+%28PFIP%29
[3] MicroCapital Universe Profile: Reserve Bank of Fiji (RBF): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Reserve+Bank+of+Fiji+%28RBF%29
[4] MICROCAPITAL BRIEF: Reserve Bank of Fiji Announces Progress Made on Establishing Microfinance Units within Commercial Banks, April 27, 2010: https://www.microcapital.org/microcapital-brief-reserve-bank-of-fiji-announces-progress-made-on-establishing-microfinance-units-within-commercial-banks/
[5] MICROCAPITAL BRIEF: Reserve Bank of Fiji Creates National Financial Inclusion Taskforce to Increase Access to Financial Services Including Microfinance, February 25, 2010: https://www.microcapital.org/microcapital-brief-reserve-bank-of-fiji-creates-national-financial-inclusion-taskforce-to-increase-access-to-financial-services-including-microfinance/
[6] MICROCAPITAL BRIEF: Reserve Bank of Fiji (RBF) Changes Guidelines for Financial Sector, Including Microfinance, January 5, 2010: https://www.microcapital.org/microcapital-brief-reserve-bank-of-fiji-rbf-changes-guidelines-for-financial-sector-including-microfinance/
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