Fiji To Make New Com­mit­ments To Maya Dec­la­ra­tion

Fiji Sun - - Business - ARISHMA DEVI-NARAYAN

Fiji will be mak­ing new com­mit­ments to Maya dec­la­ra­tion with key fo­cus to gen­der and fi­nan­cial in­clu­sion at the Al­liance for Fi­nan­cial In­clu­sion Global Pol­icy Fo­rum at Sher­a­ton Fiji Re­sort De­na­rau, Nadi. With the Fi­nan­cial Lit­er­acy Pro­grammes set a cou­ple of years ago, Fiji specif­i­cally met its tar­get and has been lead­ing in that re­gard in the re­gion, ex­plained the Al­liance for Fi­nan­cial In­clu­sion, head of com­mu­ni­ca­tions and me­dia re­la­tions, Peter W Foster. “There’s a suc­cess story of its own for Fiji un­der Maya dec­la­ra­tion,” he said. “With Fi­nan­cial Lit­er­acy Pro­grammes they had a goal that they set a cou­ple of years ago to meet cer­tain per­cent­ages of how many peo­ple they wanted to have taken part in lit­er­acy pro­grammes. “And they ex­ceeded that tar­get then ac­tu­ally set new ones and this year, they will be mak­ing new com­mit­ments on gen­der and fi­nan­cial in­clu­sion.” The cur­rent Global Pol­icy Fo­rum will also mark five years of Maya Dec­la­ra­tion and in say­ing this AFI ex­ec­u­tive direc­tor Al­fred Han­nig said the dec­la­ra­tion could be opened to other coun­tries to en­dorse this com­mit­ment and AFI is open to in­vite oth­ers.

“The dec­la­ra­tion has now at­tracted more than 60 coun­tries and this showed the com­mit­ment of the AFI to the coun­tries.”

Work in progress un­der Maya Dec­la­ra­tion with RBF

The na­tional pay­ments sys­tem, other dig­i­tal fi­nan­cial ser­vices has a con­crete tar­get of en­sur­ing the pro­vi­sion if an en­abling leg­isla­tive and reg­u­la­tory en­vi­ron­ment for pay­ment sys­tems (in­clud­ing mo­bile money fi­nan­cial ser­vices) and mi­cro­fi­nance. It aims to en­cour­age ex­pan­sion of sav­ing ser­vices and struc­ture to sup­port greater fi­nan­cial in­clu­sion.

Progress high­lights

The Pay­ments Sys­tem Bill has been drafted and vet­ted with the tech­ni­cal as­sis­tance of the IFC and World Bank team and this was sent to Fiji’s So­lic­i­tor Gen­eral in 2013. A mi­cro­fi­nance bill cov­er­ing the es­tab­lish­ment, gov­er­nance and li­cens­ing su­per­vi­sion in­sti­tu­tions is un­der re­view by RBF. Upon ap­proval this is ex­pected to be sent to Gov­ern­ment for ap­proval in 2016. There is other work also un­der­way to ta­ble a Se­cured Trans­ac­tions draft bill to Par­lia­ment this year to en­able greater suc­cess for small medium en­ter­prises.

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