Financial inclusion report launched

September 18, 2015

Atasa Moceituba
Friday, September 18, 2015

STAKEHOLDERS and Government sectors will now have the chance to broaden their knowledge and learn first-hand message on financial services, baseline products and the usage of quality and financial products available to the country.

This was after the Reserve Bank of Fiji in collaboration with the Pacific Financial Inclusion Programme launched the Financial Services Demand Side Survey Report at the Grand Pacific Hotel in Suva yesterday.

The report states that 60 per cent of adults have accounts while 27 per cent were completely excluded from any type of financial service.

RBF governor Barry Whiteside said during the survey they found that financial inclusion among women, iTaukei adults and young adults between the ages of 15-20 years in the eastern and western provinces of Fiji were very low.

Mr Whiteside said the use of credit in Fiji was lower at 32 per cent in comparison with upper middle income countries at 38 per cent. He said the report revealed that those in the informal strand used shop credit, hire-purchases and borrowing from family and friends more than those that used banking services.

“In regard to remittances, 23 per cent of the adults surveyed received money from acquaintances that live in Fiji or abroad with a higher percentage of women receiving remittances than men,” he said.

Responding to the report launched yesterday, Bank of Baroda Fiji operations CEO Govindsingh Rajput said the report and the findings revealed by RBF were very encouraging.

Source: FijiTimes