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ADB Supports Nauru’s Financial Inclusion Efforts

The Asian Development Bank (ADB) has been supporting Nauru in enhancing its financial sector policy framework and promoting financial literacy among its citizens.

Strengthening Financial Sector Policy Framework

The ADB-financed Technical Assistance (TA) project, which was approved in 2016, aimed to strengthen Nauru’s financial sector by developing a comprehensive financial inclusion strategy. The TA also sought to enhance the country’s regulatory framework for financial services and promote financial literacy among individuals and businesses.

Promoting Financial Literacy

Under the TA, 15 coaches were trained to deliver a financial literacy course to groups of 6-8 people in their communities. The six-week training program used case studies and localized scenarios to help participants identify opportunities to apply changes. A total of 100 people from Nauru’s households participated in the training, representing about 10% of the country’s households.

Pilot Program Results

The interim report on the pilot program was submitted to the ADB in February this year. The results showed positive outcomes, leading to the extension of the project for a second phase. The additional funding will support enhancements to the community financial capability program, training an additional cohort of coaches, and providing more coaching sessions to communities.

“We are pleased with the progress made so far,” said Vimlesh Bharat, ADB Pacific Department’s Senior Operations Officer. “The extension of the project will enable us to build on the successes achieved and further improve financial inclusion in Nauru.”

Financial Services Demand Study

The TA also supported the development of a financial services demand study, which aims to identify the needs and preferences of Nauru’s citizens when it comes to financial products and services.

Project Details

  • ADB has committed $350,000 to support the project.
  • The project is expected to be completed by December 2021.
  • The project is part of ADB’s efforts to promote financial inclusion in the Pacific region and contribute to the economic development of its member countries.

Contact: Vimlesh Bharat, Senior Operations Officer, ADB Pacific Department Email: vbharat@adb.org Phone: +63-2-632-2325