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

Download PIRI Regulatory Sandbox Guidelines.

Small Medium Credit Guarantee Scheme
A scheme to support locally owned SMEs when accessing commercial loan/credit from Partner financial institutions. This scheme provides guarantees for SMEs for the unsecured portion of the collateral shortfall.
Branchless banking
Digital channels offered by banks which enable customers to access banking services via agents, their mobile phones, internet or through EFTPOS.
E-tax

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.

youSave loMobile

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 literacy
NFIT stakeholders continues to conduct financial literacy awareness. This activity is currently ongoing.
Financial Competency Program (Mekem Selen Waka for Gudfala future)
With the support of ADB and Good Return, the development of a 7-weeks financial competency program – delivered through face to face and through media. Since 2018, focus groups have been involved in particular, women’s’ groups and savings groups.
Simplified KYC

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)
Financial education curriculum for Anglican church of Melanesia Rural training centres.
Global Money Week
A yearly programme where CBSI conducts financial literacy and awareness for children and youths, particularly in schools.
E-commerce

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