Financial Literacy Programme to reach more i-Kiribati and new financial services in the pipeline

March 1, 2019

Tarawa, Kiribati – MoneyMinded, ANZ’s financial literacy program, is set to expand to more than 5,000 i-Kiribati living in rural islands thanks to a new partnership between ANZ and the United Nations Pacific Financial Inclusion Programme (PFIP).

MoneyMinded builds financial knowledge and confidence of individuals to make informed decisions about how to manage money. The program covers important topics such as planning for the future, needs and wants, budgeting, making money last until next pay day, assertiveness and action planning.

ANZ Kiribati will be able to expand the reach of the program into the community through funding from the New Zealand Ministry of Foreign Affairs and Trade (MFAT) and technical assistance from PFIP.

The partnership will be undertaken in two phases; expansion of the MoneyMinded program followed by the introduction of digital financial services.

ANZ Kiribati Country Head, Finau Soqo, said: “MoneyMinded is having a powerful and positive impact on participants, empowering them with knowledge to be financial literate.

“As Kiribati transitions to a cash society, we find participants are thirsty to learn how to save for their financial and life goals and most importantly how to make money last until the next pay day.”

Through this partnership, ANZ is also in the process of discussions with the Government of Kiribati to include MoneyMinded into the school curriculum.

“It is important that the program is sustainable, and one way to do that is to embed MoneyMinded into schools, so we can shift the mindset and attitudes of future generations towards being financial literate. So the outreach approach is inclusive and targets not only communities, work places, outer-islands, but also schools.”

New Zealand High Commissioner Michael Upton said: “New Zealand is pleased to be supporting the expansion of MoneyMinded, as it will help improve family and community well-being, particularly for low income households.”

He noted this support was in response to a request from the Ministry of Commerce, Industry and Cooperatives (MCIC) and also included a Financial Sector Gap Analysis that would enable future services and training to be better tailored, particularly for the benefit of low income households.

PFIP Deputy Programme Manager Krishnan Narasimhan said: “Financial competency is an important life skill that PFIP has been working towards improving across the Pacific. Financial literacy is an important component needed for financial service users as it increases their ability to interact positively with the money economy in a way which prepares them to utilize digital finance solutions

Krishnan also added that in 2019 PFIP was expanding its work to reach more Pacific Island Countries and Kiribati was the first country outside of the usual six that it operates in. He said that this move was in accordance with an ongoing call from the Governments of Australia and New Zealand to improve financial access in the Pacific as the region remains the least banked in the world.

 

 

About PFIP

PFIP is a Pacific-wide programme that has helped over two million Pacific Islanders gain access to financial services and financial education. It achieves these results by funding innovation with financial services and delivery channels, supports policy and regulatory initiatives, and the empowerment of consumers.

It is jointly administered by the UN Capital Development Fund (UNCDF) and the United Nations Development Programme (UNDP) and receives funding from the Australian Government, the European Union and the New Zealand Government.  PFIP operates from the UNDP Pacific Office in Suva, Fiji and has offices in Papua New Guinea, Samoa and Solomon Islands. 

For more information or media inquiries please contact:
Erica Lee – Communications Associate   Phone: +679 3227538    Email: erica.lee@undp.org     Website: http://www.pfip.org