Press Release No. : 10/2023

Date : 20 June 2023

National Financial Inclusion Taskforce Notes Significant Strides Towards Improving Financial Inclusion

The Governor, while announcing the new measures, highlighted that the changes are in line with the current strong performance of the Fijian economy and its favorable growth prospects moving forward.

The National Financial Inclusion Taskforce (NFIT) whose vision is “Empowering Fijians to build resilience and sustainable livelihoods and businesses through financial inclusion” met on 06 June 2023 for the second time under the new National Financial Inclusion Strategy (NFIS) 2022-2030. The NFIS guides the work of the Taskforce by setting a clear agenda for financial inclusion in Fiji, is aligned with Government’s development program and the United Nations Sustainable Development Goals.

Chairman of NFIT, Governor Ariff Ali, noted that remarkable progress has been made in advancing financial inclusion in Fiji:

• 86.9 percent of adults are financially included, surpassing the short-term NFIS target of reaching 86 percent by 2024;
• The gender gap has narrowed from 11.6 percentage points (pp) in 2021 to 10.2pp in 2022, in line with an improvement in women’s financial inclusion from 78.1 percent to 81.7 percent over the same period;
• The use of digital financial services (DFS) has exceeded its short-term targets largely attributed to the spike in digital payments during the post COVID-19 period. The share of adults engaging in digital payments (excluding mobile money), grew from 19.3 percent in 2019 (pre-pandemic) to 33.3 percent in 2021, and further to 38.5 percent in 2022. This substantial growth has outpaced the NFIS short-term target of reaching 34 percent by 2024.

Governor Ali highlighted that the work of the NFIT is supported by four Working Groups which act as implementation arms of the new NFIS. Chairpersons of working groups are nominated based on their diverse knowledge and experience relevant to their focus area, and currently are:

• Inclusive Finance – Ms Tupou Halofaki (Senior Relationship Manager, Paramount Banking BSP Financial Group Limited);
• Digital Financial Services – Mr Galib Azim (Regional Technical Specialist – DFS Policy and Regulation, UNCDF);
• Micro, Small and Medium Enterprises (MSME) – Mr Watesoni Nata Jnr (Entrepreneur, and Chairman of Young Entrepreneurs Council Fiji); and
• Consumer Protection and Financial Capability – Ms Olivia Vakaosooso (Digital and Financial Literacy Associate, UNCDF).

Some key highlights from the progress reports presented by the Working Group Chairs included the following:

• Consumer Protection Policy for Financial Consumers – Release of a draft Policy for Fair Treatment and Protection of Financial Consumers for industry consultation on 02 June 2023. The policy is aimed at ensuring consumer protection and setting minimum market conduct requirements for financial institutions and is expected to come into effect on 01 January 2024.
• Gender Inclusive Finance Study – As recipient of a research award (Fletcher School Leadership Program for Financial Inclusion), the RBF will undertake a comprehensive assessment of the supply-side constraints faced by women and women-led MSMEs in accessing and utilising financial products & services. Findings from this study will provide guidance on gender sensitive and targeted products& services for financial institutions.
• Stakeholder Engagement and Awareness – Active involvement of the diverse stakeholders has significantly contributed to efforts of the taskforce in promoting financial inclusion. Specifically, collaboration with the iTaukei Affairs Board for collection of financial inclusion data for villages, would provide a comprehensive understanding of financial needs of these communities.

Chairman Ali acknowledged the contribution of the Taskforce1 and Working Group members and encouraged continued close collaboration towards advancing financial inclusion in Fiji. The Taskforce is expected to meet on a six-monthly basis to monitor progress on the achievement of financial inclusion targets under the NFIS.

For further details, please contact:-

Communications Office
Telephone: (679) 3223 381 Email: info@rbf.gov.fj

Mr Mervin Singh – Manager Corporate Communications
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj