The Pacific Islands Regional Initiative (PIRI) is a regional grouping of the Alliance for Financial Inclusion’s (AFI). It comprises all the central banks in the Pacific region: Fiji, Samoa, Solomon Islands, Papua New Guinea, Timor Leste, Tonga and Vanuatu.
PFIP’s policy and regulation workstream is also closely aligned to the annual regional priorities of PIRI. These include strengthening and modernizing the regulatory framework and positioning in the areas of digital financial services, inclusive insurance and consumer empowerment.
The PIRI regional platform and the history of close cooperation among the Pacific central banks also provides an effective way of innovating and scaling up multi-country solutions. In the early days of mobile money, The Reserve Bank of Fiji worked closely with PFIP and other partners to issue letters of no-objection and subsequently developed guidelines for agents. Similar approaches were adopted by the other jurisdictions.
In opening up the market for insurance that are relevant and affordable to low income people, PFIP has worked with PIRI in conducting a series of regional workshops to enable supervisors to understand the regulatory requirements specific to microinsurance.
PFIP is also a donor partner to AFI and has provided a grant to support the peer learning and networking activities of PIRI and is a member of the Expert Group on Financial Inclusion Policy.