Financial Inclusion and Crime Prevention Take Center Stage in Solomon Islands
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A New Era for Financial Access in Solomon Islands
Honiara, Solomon Islands - The Solomon Islands has taken a significant step towards becoming a more financially inclusive society with the launch of its third National Financial Inclusion Strategy 2021-2025 (NFIS3) and an innovative digital economy scorecard.
The NFIS3 aims to improve financial access for all Solomon Islanders through policy changes, partnerships, and infrastructure development. The country has also become the first in the Pacific region to launch its Inclusive Digital Economy Scorecard (IDES), a tool developed by the UN Capital Development Fund (UNCDF) to inform government policy.
Key Objectives of NFIS3
The NFIS3 outlines six key strategic objectives:
- Amplify digital financial services
- Promote micro, small, and medium enterprise finance
- Build financial resilience in households and communities
The strategy will be implemented by the National Financial Inclusion Strategy Task Force, with support from four working groups focusing on:
- Digital finance
- Financing for small businesses
- Consumer empowerment
- Data measurement
Launch Event Highlights
The launch event was attended by high-profile guests, including:
- Governor of the Central Bank of Solomon Islands Dr Luke Forau
- Australian High Commissioner Dr Lachlan Strahan
- UNCDF Executive Secretary Preeti Sinha
The event also saw the announcement of a AUD3 million contribution from the Australian Government to fund the Pacific Digital Economy Program (PDEP) in Solomon Islands.
Quotes and Statements
Prime Minister Manasseh Sogavare said:
“This is an important roadmap to improve financial access for all Solomon Islanders. It is very supportive of enhancing economic livelihoods of women and children.”
Australian High Commissioner Dr Lachlan Strahan emphasized the importance of financial inclusion, particularly for marginalized groups such as women, youth, and rural communities.
“We are looking forward to seeing this strategy implemented and delivering safe, secure, and cost-effective access to more Solomon Islanders,” he said.
PDEP and Its Objectives
The PDEP will be jointly administered by UNCDF, UN Development Program (UNDP), and UN Conference on Trade and Development (UNCTAD) in Fiji, Samoa, Solomon Islands, Tonga, and Vanuatu. The program aims to develop inclusive and sustainable digital economies with the theme “Leaving no one behind in the digital era.”
“We are proud to support the Solomon Islands on its important financial inclusion journey that will eventually lead to greater economic empowerment for its people,” said Bram Peters, UNCDF Pacific Regional Lead.
Conclusion
The NFIS3 and IDES will combine to ensure government policies use sound data and research to address the needs of marginalized groups. The strategy is expected to promote greater financial inclusion in Solomon Islands, contributing to the country’s economic development and reducing poverty.