Description/achievement of initiative
The Pacific Financial Inclusion Programme (PFIP) is a Pacific-wide programme helping to provide sustainable financial services to low income households. By 2019 PFIP aims to have: - One million low-income people in the Pacific, with at least 50 per cent women, gain access to appropriate/affordable financial services; (600,000 achieved by 2014)- Additional 150,000 previously unbanked people, with at least 50 per cent women, gain access to a formal savings account;- Four additional Pacific Islands Countries (PICs) have national financial inclusion strategies that reflect gender differences and which are based on sound and comprehensive diagnostics. Countries with strategies that are three or more years old review and update their strategies; - Three additional PICs offer financial education through core curricula and; - Three additional PICs have national financial literacy strategies in place.PFIP currently covers Fiji, Papua New Guinea (PNG), Samoa, Solomon Islands (SOI), Tonga and Vanuatu with Kiribati and Tuvalu potentially covered before the end of July 2019.The aim of the second phase of PFIP (PFIP 2), which will start in July 2014 and end in July 2019 is to respond to the current and emerging challenges that have been identified both from the first phase of PFIP, as well as a four -country onsite consultative process.
The following are the associated outcome areas and corresponding strategies through which PFIP aims to achieve the overall vision of inclusive economic growth within the region.Better Policies, Regulations and Coordinated Actions: Assisting establishment of enabling policy and regulatory environment in each covered country, backed by a robust national financial inclusion strategy that facilitates expansion of appropriate, innovative and secure financial products and delivery channels for low-income Pacific Islanders.Deepened Financial Access: Deepening financial access through product/ channel innovations that meet the financial service needs of low-income Pacific Islanders, including women and youths, and at the same time result in sustainability of financial services delivery. Better Market Information and Access to Knowledge: Enhancing sector understanding on products, channels, and business models suited to the needs of low-income Pacific Islanders through demand, supply and impact evaluation studies.Informed and Competent Consumers: Strengthening financial competencies of clients so they can better leverage business and financial access opportunities to improve their livelihoods and ensure establishment of simple, transparent consumer protection measures.PFIP offers support through the following channels:- Organize and sponsor knowledge sharing events- Scholarships- Research and publications- Performance based grants to government agencies, support organizations, financial service providers- Technical assistance to service providers and regulators- FI Stakeholder coordination
Arrangements for Capacity-Building and Technology Transfer
Coordination mechanisms/governance structure
PFIP uses arrangements between range of national and regional stakeholders aimed at achieving PFIP 2014-2019 strategic outcomes. The overall objective of such arrangements is to serve the institutional and strategic context of individual stakeholders including donors, central banks, government and other private sector stakeholders in planning, implementation, monitoring and evaluation of programme strategies. PFIP is implemented by UNCDF via direct execution and the UNDP Pacific Centre. The programme has clear management arrangements to facilitate multi-donor participation, and will build on the lessons and successes of the current phase in managing and implementing financial inclusion interventions in the Pacific.PFIP 2 is governed by the Joint Investment Committee (JIC) which has representation from programme donors and policy advocacy partners. The JIC approves the annual workplan, monitors progress and provide strategic directions to optimize the impact of the programme.
United Nations Capital Development Fund (UNCDF), United Nations Development Programme (UNDP), ILO, Australian Government, European Union (EU), ACP/EU Microfinance, New Zealand Aid Programme, Reserve Bank of Fiji, Bank of Papua New Guinea, Central Bank of Samoa, Central Bank of Solomon Islands, National Reserve Bank of Tonga, Reserve Bank of Vanuatu, Fiji Department of Social Welfare, Fiji Ministry of Education, Bank of the South Pacific (BSP), Digicel, KlickEx, Life Insurance Corporation of India of Fiji (LICI Fiji), National Bank of Vanuatu (NBV), Nationwide Microbank (NMB), Oceanic Communications Limited (OCL), Vodafone, Westpac, Better Than Cash Alliance (BTCA), Mobile Money for the Poor (MM4P), The Foundation for Development Cooperation (FDC), Consultative Group to Assist Poor (CGAP), The Alliance for Financial Inclusion (AFI), The Pacific Islands Working Group (PIWG), Money Pacific Working Group, Microfinance Pasifika Network (MPN), Pacific Financial Inclusions Donors Group, GSMA.