National Financial Inclusion Strategic Plan 2016–2020

Paper
Date Published: 
Sep 2016

Roadmap for moving Fijians from informal to formal financial services

The National Financial Inclusion Strategic Plan 2016-2020 (Strategic Plan) is a five-year plan with measurable targets and part of a larger national agenda to contribute to a deep, competitive and stable financial system: an inclusive system that provides all Fijians, irrespective of economic and social background, an equal opportunity to improve their livelihoods. 

According to the 2015 Demand Side Survey, more than 36% of the adult population in Fiji had not used the formal financial system in the prior 12 months. This Strategic Plan sets out a road map to move those using the informal sector to the formal sector. The focus will be on increasing the formally served adult population from 64% to 85%, of which 50% are women. In addressing the financial inclusion goals over the next five years, the strategic plan will focus on: 

  1. Expanding account ownership among the underserved;
  2. Ensuring the regular use of accounts with financial service providers including mobile accounts;
  3. Enhancing the range and quality of financial services and products; 
  4. Creating an enabling regulatory environment to support innovation;
  5. Continuing and building on the financial literacy programs established in the first Plan and including entrepreneurial training;
  6. Promoting the development of the MSME sector.
Type: 
Paper
Country: 
Fiji