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:
Expanding account ownership among the underserved;
Ensuring the regular use of accounts with financial service providers including mobile accounts;
Enhancing the range and quality of financial services and products;
Creating an enabling regulatory environment to support innovation;
Continuing and building on the financial literacy programs established in the first Plan and including entrepreneurial training;