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Solomon Islands: Strengthening Financial Inclusion

The Asian Development Bank (ADB) has launched a project aimed at improving financial inclusion in the Solomon Islands, a country with over 80% of its population living in rural areas with limited access to essential services.

Project Overview


Titled “Strengthening Financial Inclusion”, the project aims to increase access to and suitability of financial services for smallholder farmers and small rural businesses in two provinces. The ADB has approved a technical assistance worth $660,000, with a contribution of $400,000 from its Financial Sector Development Partnership Special Fund.

Objectives


The project will:

  • Promote financial literacy and capacity among selected smallholder farmers and small rural businesses
  • Safeguard consumer interests in branchless banking
  • Recruit a branchless banking expert to work with the Central Bank of Solomon Islands (CBSI) on managing risks related to the implementation of branchless banking operations

Expected Impact


The project is expected to have a significant impact on the lives of smallholder farmers and small rural businesses, enabling them to participate more actively in the cash economy.

Project Timeline and Requirements


The project will be implemented over 36 months from October 2014 to September 2017. The total requirement for international and national consulting services is 20 person-months. Procurement of goods under the project will be done in accordance with ADB’s Procurement Guidelines.

Executing Agency and Stakeholders


The Central Bank of Solomon Islands is the executing agency for the project, which aims to improve financial inclusion and risk management in the country. The project has already generated significant interest among stakeholders, including:

  • Solomon Islands National Financial Inclusion Taskforce
  • CBSI
  • Government representatives