Projects & Activities
By working directly with policy-makers, industry leaders, community organizations and the unbanked population, our work takes a holistic approach towards increasing financial inclusion in the Pacific. Based on an analysis of opportunities and constraints at the country and regional level, including the work of other donors and support organizations, PFIP is currently focusing on four key areas to reach a quarter of a million Pacific Islanders with appropriate financial services.
The use of mobile phones, point of sale devices, smart cards and other technologies for the ease of payments, as well as third party agents, makes the delivery of financial services more cost-effective and can begin to reach previously underserved and unbanked populations in the Pacific.
Enabling people to acquire the skills and knowledge to manage personal finances and to participate in the money economy leads to greater financial inclusion. The large scope of work and the numerous stakeholders involved in catalyzing inclusive finance in the Pacific requires a national strategy to network institutions and prioritize initiatives. Having good baseline data, a strong champion institution and programmes aimed at students are desirable elements of a national strategy.
Microinsurance refers to insurance products that are designed for low income people, and enable those insured to hedge against the recurring risks of falling sick, death of the primary income earner or destruction of crops, assets and sources of livelihoods. While microinsurance is one of the fastest growing microfinance products around the global, it is currently unavailable in the Pacific.
Building an enabling legal and political environment for financial inclusion in partnership with policy makers and regulators is crucial for the development of new and alternative financial delivery channels and for the success of products geared towards low-income and rural people. PFIP conducts research and assists policy makers and regulators to build financial sectors that are inclusive and meets the needs of all citizens.
