Balance sheet expands for credit institutions

December 29, 2015

FIJI continues to be a trailblazer in financial services in the Pacific region, being the first to introduce electronic social welfare payments, launch of mobile-money on cellphones, mainstreaming of financial education in the school curriculum and introduction of micro insurance products for the poor.

The recent Fiji Financial Services Demand Side Survey report provides Government and other stakeholders with a better understanding of the needs of Fijians in regards to financial services and products through baseline data on access, usage and quality of financial services and products currently available to all Fijians.

The Reserve Bank of Fiji and the Pacific Financial Inclusion Programme (PFIP) jointly launched the report in Suva.

The report confirms Fiji had a relatively high level of financial inclusion, with 60 per cent of adults having a bank account with a formal financial institution. However, according to the survey, challenges remained.

“Formal financial inclusion is higher among urban Fijians, men, and those with higher incomes,” the report said.

It said 9 per cent of Fijians continue to have limited access to informal sources of finance, whereas 27 per cent were completely excluded.

Source: Fiji Times