FINANCIAL INCLUSION STRATEGIC PLAN: 2016-2020
Where all of Solomon Islands’ men, women and youth throughout the country have the opportunity to be financially competent and have access to a full range of financial services that help them achieve greater financial security and financial opportunity.
By 2020: 300,000 adults (of which, 150,000 must be women) will be active users of formal or semi-formal financial accounts (including accounts at MFIs and savings clubs); and 90% of the population will have a financial service access point one hour of ordinary travel from their home.
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.
The Solomon Islands National Financial Inclusion Strategy 2, 2016-2020 focuses on 4 thematic areas of Digital finance, MSME, inclusive insurance and consumer empowerment. The 4 Working Groups comprised by Public & Private sector stakeholders supported the NFIT to implement the Strategy.
NFIT stakeholders include:
- Solomon Islands government, the financial sector, Aid donors and development partners, the private sector, women savings clubs, church groups and NGOs.