The formal financial inclusion gender gap in Solomon Islands stands at 15%, one of the highest in the Pacific region. Women in Solomon Islands face multiple barriers in accessing and using financial services, with many of the demand-side barriers attributable to, or exacerbated by, sociocultural norms. Lower literacy rates and lack of access to information limit women’s ability to understand and willingness to trust financial services and products. Distance to access points affects women disproportionately due to their limited mobility and resources and the prevalence of male service staff at financial service providers (FSPs) can be intimidating. Additionally, women are less likely to have access to land titles that can be used as collateral for loans.
To address the gender gap in financial inclusion, UNCDF developed a global “PoWER” strategy (Participation of Women in the Economy Realized) to drive women and girls’ economic empowerment by improving their access to, usage of and agency over financial services. UNCDF is seeking to gain a deeper understanding of the country-specific financial inclusion issues that women and girls face in Papua New Guinea and, in doing so, identify opportunities to create positive change. To this end, PFIP carried out an assessment using the PoWER framework in 2019. This document presents the results of UNCDF’s country assessment in Papua New Guinea.
For the Papua New Guinea PoWER assessment please click here.
For a blog summary of the two PoWER assessments please click here.