Financial Inclusion in the Pacific region has undergone significant development as a range of initiatives have looked to address the challenges of geography, low population density, low levels of technical expertise and a vulnerability to natural disasters.
A key driver of the increased focus in recent years has been the promulgation of the Money Pacific Goals endorsed by the Forum Economic Ministers Meeting (FEMM) and South Pacific Central Bank Governors in 2009, as a result of high level advocacy by PFIP and Pacific Islands Forum Secretariat . In endorsing the goals, Pacific Island governments recognised the high levels of financial exclusion in the region, and the impact this has on financial stability and growth.
The regional goals to be achieved by 2020 include:
There is still a long way to go to achieve the Money Pacific Goals by 2020, however PFIP continues to partner with central banks, governments and private sector in the region to achieve the ambitious targets set. All PFIP’s workstream activities are aligned with the Money Pacific Goals.