FINANCIAL INCLUSION INITIATIVES
The Central Bank of Solomon Islands – National Financial Inclusion Unit through its stakeholders and development partners collaboration has initiatiated the following initiatives:
Pacific Islands Regional Initiative (PIRI) Regulatory Sandbox Guidelines
This Regional Regulatory Sandbox Guidelines is a product of the central banks that make up the Pacific Islands Regional Initiative (PIRI) under the direction of the PIRI Regulatory Sandbox Technical Subgroup from Fiji, Samoa, Solomon Islands, Vanuatu, Papua New Guinea, Timor-Leste and Tonga.
The Regulatory Sandbox provides a ‘framework through which controlled testing of new financial products and services can be conducted under close supervision of the Central Bank’. This framework provides recognition of the importance of innovative technological solutions to scale financial inclusion, enhance response to emerging risks, the need to encourage innovation and to build an internationally-reputable financial system that supports growth and development.
Download the Solomon Islands In-country Regulatory Sandbox Guidelines
Small Medium Credit Guarantee Scheme
An electronic platform offered by Inland Revenue Department (IRD) for customers to file taxes online and pay electronically.
youSave Micro-pension Savings scheme
A savings product offered by Solomon Islands National Provident Fund (SINPF) for the informal sector to save for immediate and retirement/old age needs.
A digital airtime payment service which enable youSave members to remit savings to their youSave accounts using airtime credit (mobile top-ups) from their phones.
Financial Competency Program (Mekem Selen Waka for Gudfala future)
Simplified Know your Customer (KYC) requirements Issued to encourage and qualify ordinary Solomon Islanders, to open bank accounts with commercial banks.
Savings groups membership rights
Best practices for managing groups and helping members understand their rights. Click here to download a copy of Savings Groups Membership rights.
Support to Savings Groups
With the assistance of Savings Group practitioners, there is ongoing support to establish savings groups as well as financial literacy and reporting.
Financial education for Rural Training Centres (RTCs)
Global Money Week
Digital payments plays a vital in e-commerce. The NFIU continues to work with its stakeholders to improve digital payment services.
Legislations & Policy
Through enabling environment with stakeholders:
- Micro-insurance – stamp duty exemption for micro-insurance policies
- Amendments to SINPF Act – with SINPF to accommodate youSave Savings Scheme for informal sector
- Insurance Bill – Provisions to recognize inclusive insurance
- NPS Bill – Provisions for Payment Service Providers and Payment System Operators and provide interoperability in the market.
- MSME Bill – Provisions to accommodate and recognize the potential of MSMEs – led by MCILI