PFIP has worked with six central banks to develop their National Financial Inclusion Strategies. Many of the national stakeholders workshops to build consensus on priority actions have been in partnership with the Alliance for Financial Inclusion’s (AFI) Pacific Islands Regional Initiative (PIRI).
The strategies also encompasses a multi-sector approach, including recognizing the importance for financial education in developing Pacific Islanders’ financial competencies to enable understanding and use of financial products.
The strategies are developed through a consultative process with various stakeholders who collectively put forward ways the governments and private sector can incorporate financial inclusion into their work programmes. There is also a strong push for public-private partnerships to further enhance and deepen access to financial services for the poor.
The formation of National Financial Inclusion Taskforces, a grouping of key stakeholders from the financial industry and government has had a significant positive effect in implementing these strategies.
PFIP provides technical support to develop the strategies as well as grants to the central banks to carry out research, strategic planning workshops and stakeholder consultative meetings.
The following countries have Financial Inclusion Strategies: