RBF: 80pc of adults included in formal financial sector
THE National Financial Inclusion Taskforce (NFIT) held its first meeting on November 17 to kick-start its new term following the launch of Fiji’s third National Financial Inclusion Strategy (NFIS) 2022-2030 earlier this year.
According to the Reserve Bank of Fiji (RBF), after more than 10 years and two national strategies significant progress in financial inclusion has been achieved with over 80 per cent of Fijian adults now considered to be included in the formal financial sector.
Opening the meeting, the NFIT chairman and governor of the RBF Ariff Ali emphasised the critical role that the NFIT plays in achieving the vision of the new NFIS: “Empowering Fijians to build resilient and sustainable livelihoods and businesses through financial inclusion”.
The NFIT is a multi-stakeholder committee established under the NFIS to provide strategic guidance, feedback and oversight in support of the implementation of initiatives and programs during the term of the NFIS. Membership comprises representatives from the private sector, financial sector, government agencies and ministries and civil society organisations. The proportionate representation of women on both the NFIT and the Working Groups remains an ongoing target.
While the NFIS is designed to benefit all Fijians, it acknowledges that there are segments of the population that remain underserved and require ongoing affirmative action in order to access and level the playing field. The target groups include women, children and youths, people living with disabilities, micro, small and medium enterprises (MSMEs) and those living in the rural and maritime areas. The work plans are designed specifically to address the barriers to full financial inclusion for these target groups.
Mr Ali added that Fiji has achieved some major milestones over the last decade, many of which have been recognised internationally by development partners and amongst the Alliance for Financial Inclusion (AFI) network.