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RBF launches financial inclusion survey report

The Reserve Bank of Fiji and the Pacific Financial Inclusion Programme (PFIP) jointly launched the Fiji Financial Services Demand Side Survey report at the Grand Pacific Hotel in Suva today. The Fiji Report provides government and other stakeholders with a better understanding of the needs of Fijians in regard to financial services and products through […]

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September 17, 2015 8:27 pm

The Reserve Bank of Fiji and the Pacific Financial Inclusion Programme (PFIP) jointly launched the Fiji Financial Services Demand Side Survey report at the Grand Pacific Hotel in Suva today.

The Fiji Report provides government and other stakeholders with a better understanding of the needs of Fijians in regard to financial services and products through baseline data on access, usage and quality of financial services and products currently available to all Fijians.

Fiji continues to be a trail-blazer in financial services in the Pacific region, being the first to introduce electronic social welfare payments, launch of mobile-money on cell-phones, mainstreaming of financial education in the school curriculum and introduction of micro-insurance products for the poor.

The Report confirms that Fiji has a relatively high level of financial inclusion, with 60 percent of adults having a bank account with a formal financial institution. However, according to the survey, challenges remain:

  • Formal financial inclusion is higher among urban Fijians, men, and those with higher incomes. Nine percent of Fijians continue to have access limited to informal sources of finance, whereas 27 percent are completely excluded.
  • Rural Fijians face high barriers to financial inclusion, such as long distances to the nearest access points and long wait times to open an account.
  • Financial inclusion is lower in the Eastern and Western Provinces; among women; among iTaukei adults; among young adults; and among agricultural or casual workers

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