Officials prepare for financial inclusion training

November 18, 2015

A key preliminary consultation workshop to identify important linkages in the overall work of financial inclusion in the country will take place tomorrow in Honiara.

This would be conducted between Government officials and the Central bank of Solomon Islands (CBSI).

A statement from the Bank yesterday said, CBSI is organizing this in partnership with the United Nations Pacific Financial Inclusion Programme (PFIP).

“The workshop is focused on assisting certain selected Government Ministries to identify linkages in the programs, action plans and policies of the DCC government to that of the Financial Inclusion agenda that is currently being facilitated by the National Financial Inclusion Taskforce (NFIT).”

Central Bank said that it is critical at this stage that these linkages are identified so that the policy objective on inclusive development, and specifically on the focus of the current government on rural development to enhance rural livelihood, are mutually inclusive.

“One of the key requirements towards the goal of a functioning economy supported by the rural population is the provision of greater access to financial services. Knowing how to use financial products and services that are now available in the country is crucial to the nation’s overall development and economic growth.”

The National Financial inclusion strategy (2011-2015) will end this year and a lot has been achieved in terms of access and use of new digital delivery channels using agents to deliver financial services around the country.

According to the organizers, the workshop with Government Ministries is part of the ongoing work that CBSI and PFIP have undertaken to develop the next National Financial Inclusion strategy for the years 2016-2020.

The Ministries expected to participate in the workshop include- Office of the Prime Minister and Cabinet, Ministry of Finance & Treasury, Ministry of Agriculture and Livestock, Ministry of Fisheries & Forestry, Ministry of Rural Development, Ministry of Commerce, Industries & Immigration, Ministry of Women Youth Children and Family Affairs, Ministry of Education.

With the launch of the 2030 Sustainable Development Goals (SDG) and its endorsement by all member states of the United Nations including the Solomon Islands, there is a great potential progress for financial inclusion as it has key linkages to several SDG’s. 

Many of the Government Ministries and departments have a direct role in implementing the SDGs agenda and hence the workshop is expected to bring about better understanding of how financial inclusion can appropriately fit into National development strategies.

This consultation workshop is also organized in preparation for the coming National Workshop on Financial Inclusion Strategy Review set to take place later this month.  

SOURCE: Solomon Star