FINANCIAL INCLUSION

The National Financial Inclusion Unit’s (NFIU) primary role as mandated under CBSI Act 2012 is to promote financial inclusion in Solomon Islands. NFIU was first established in 2011 and according to CBSI structure, it comes under the Governors department.

Its secondary role is to act as a secretariat office for the National Financial Inclusion Taskforce (NFIT), a body approved under Cabinet to act as an oversight agent in the implementation of the financial inclusion medium term national action plan (2011 -2015). Currently NFIU is on phase II of the National Financial Inclusion Strategy NFIS –II.


 

ROLES and RESPONSIBLITIES

  • Mandated to act as a secretariat to the National Financial Inclusion Taskforce (NFIT).
  • To make sure that stakeholders (Banks, Telecommunication companies and NGOs) who are member to the NFIT achieve their strategies and actions required.
  • To plan and coordinate course of actions and oversee strategies of the National Action Plan on Financial Inclusion in Solomon Islands.
  • Coordinating and expanding all financial inclusion initiatives of the Bank for the benefit of Solomon Islanders with regards to financial literacy and access to financial services.
  • Provide financial literacy training to Church groups, youth groups, women’s groups or any interested groups.
  • Coordinate and act as a secretariat to the sub-groups of the NFIT – financial literacy working group and financial services working group.

 

NATIONAL FINANCIAL INCLUSION STRATEGY PLAN 2016-2020

The Second National Financial Inclusion Strategy (NFIS2) is premised on the G20 Principles for Innovative Financial Inclusion following the expiration of the first strategy in 2015. It has a four-year time frame with the work plans anticipated to complete by 2020. The NFIS2 generally extended the work plans of the first national strategy, but with more elaborated and clear objectives. Moreover, the NFIS2 was formulated based on a demand side survey for financial services which was conducted in early 2015. The first national strategy had focused on access to financial services while in this second strategy, the focus is on the usage of financial services.

For more details a copy of the Second National Financial Inclusion Strategy (NFIS2) can be downloaded below.