Our mission through 2013 is to increase the number of Pacific islanders who have on-going access to quality and affordable financial services and financial education by 500,000.
The Pacific is one of the least banked region in the world. In some Pacific countries it is estimated that less than 10% of the population have access to basic financial services. Challenging geography, poor infrastructure, persistent poverty and subsistence livelihoods have all contributed to a lack of financial inclusion in a region that spans a third of the earth’s surface.
Traditional microcredit programmes and microfinance institutions have had limited success in the region due to high costs, high delinquency and the inability to achieve economies of scale in small island states. Despite the challenges, the lessons learned in other countries and the new technologies developed in recent years provide an opportunity to change course in the Pacific.
The Pacific Financial Inclusion Programme (PFIP) was developed to bring new energy and ideas on financial inclusion and financial literacy to the Pacific. Its strategy is to seek out and introduce new ways of serving hard-to-reach populations, and to foster greater commitment and cooperation among regional stakeholders to building inclusive financial systems throughout the Pacific.
Our vision is compatible with the Money Pacific Goals, under which Pacific island countries, through the combined actions of public and private sectors, will enable the following by 2020:
- all children to receive financial education through core curricula;
- all adults to have access to financial education;
- simple and transparent consumer protection to be put in place; and
- twice as many Pacific Islanders to have access to basic financial services.
The goals of PFIP are to:
- promote policies, regulations and coordination among stakeholders that increase financial inclusion;
- increase market information and access to knowledge that informs decision-makers;
- support scalable and replicable projects with lower cost delivery mechanisms that serve low income Pacific Islanders; and
- develop policies, strategies and pilot programmes that will increase the financial competency of Pacific island households.