Regulatory Impact Assessments

PFIP supported the Reserve Bank of Fiji to conduct a groundbreaking Regulatory Impact Assessment (RIA) to assess the implementation of Fiji’s financial inclusion policies and review of its first National Financial Inclusion Strategy, in pursuit of evidence-based financial inclusion policymaking.

The assessment objectively analyses stated policy objectives against available performance data during the design and implementation of policies. This methodology is a first for the Pacific and provides a framework for assessing whether policies are actionable, measurable, and ultimately effective.

The RIA included:

• A review of the written policies and related documents
• Analysis of data made available by the regulator, financial sector providers and relevant publications,
• Interviews with relevant stakeholders, and
• Publically available market data

The results are relevant to second generation policy initiatives in Fiji, as well as the other NFIS initiatives in the region through identification of strategic policy goals and a cost-benefit analysis of available options.