Vanuatu financial survey – Fiji Times

July 20, 2017

A CONSUMER survey in Vanuatu last year found that 32 percent of Ni-Vanuatu adults are completely excluded from financial services while only 37 percent had bank accounts.

The survey was conducted by the Pacific Financial Inclusion Program (PFIP).

The Financial Services Demand Side Survey (DSS) Report for Vanuatu also reported that the median adult in Malampa must travel up to 60 minutes to reach a bank branch, costing 600 Vatu (USD $5.50), the highest figure across Vanuatu. 

TheReserve Bank of Vanuatu is working in coordination with the Pacific Financial Inclusion Program (PFIP) to hold an introductory course on the various payment flows that could be digitalised.

Government-to-Person (G2P) payments are the digitization of government payments to citizens such as social transfers as well as wage and pension payments. 

PFIP Deputy Programme Manager and training facilitator Krishnan Narasimhan said G2P payments had the potential to become a vehicle for extending financial inclusion and improving the welfare of poor people.

G2P flows builds in part on the progress made by the industry and the regulators to grow the branchless banking industry.  It creates an enabling environment for the private sector to further its person-to-person payments (P2P) which in turn will develop a long-term business case, he said.

PFIP has also been conducting stakeholder consultations to assist the RBV in developing Vanuatu’s first financial inclusion strategy.