In 2015, PFIP and the Central Bank of Solomon Islands (along with two other Pacific Island Countries) co-published a large scale demand-side survey, building a comprehensive picture of the country’s financially under-served segments, including women. The results were used as the main evidence base in developing the country’s second national financial inclusion strategic plan.
In 2016, PFIP supported the Central Bank of Solomon Islands in developing the country’s National Financial Inclusion Strategic Plan 2016-2020, based on clear global and regional mandates from Solomon Island’s Maya Declaration and MoneyPacific Goals commitments. By 2020, the plan’s key objectives are that 70% (300,000) of Solomon Islander adults (of whom at least half are women) will be active users of formal or semi-formal financial accounts, and that 90% of the population will have a financial service access point within one hour of their homes.
PFIP is partnering with ANZ Bank to expand ANZ goMoney mobile banking to rural areas of the country through the coconut value chain. PFIP is providing both grant support and direct technical assistance in the form of an Innovation Lab and is an opportunity to test the theory that customers will see value in using mobile money for sales and purchases and hopefully inspire customers to use the mobile money channel for other financial services, including savings and bill payments.
PFIP is working with the Solomon Islands National Provident Fund to pilot improved voluntary micropension products targeted at economically active Solomon Islanders without pension schemes. The aim is to create appropriate, affordable and flexible micropension product offerings which better meet the needs of the target group to provide adequate funds for their retirement.
PFIP is working with South Pacific Business Development to expand microfinance operations in rural Solomon Islands, as well as offering solar loans for household lighting kits.
PFIP is supporting World Vision Solomon Islands to pilot best practice savings group methodology developed by PFIP. Since June 2015, World Vision has established 49 savings groups, with over 1,000 members by 2016, of whom 55% are women.