Financial Crime World

Samoa Embarks on Financial Revolution 2.0: A New Era of Financial Inclusion

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Samoa has taken a significant step towards financial inclusion with the launch of its National Financial Inclusion Strategy (NFIS) 2.0, a comprehensive roadmap to achieving financial inclusion for all Samoans by 2025/2026.

Unveiling the Strategy

The strategy was unveiled on November 14 by the Central Bank of Samoa and the UN Capital Development Fund. It aims to empower every Samoan with access to affordable, convenient, and responsible financial products and services. For the first time, NFIS 2.0 defines financial inclusion as equal and universal access to financial services for all individuals and businesses, regardless of economic status.

Goals and Objectives

The strategy has two overarching goals:

  • Increase the number of previously excluded adults accessing formal financial services by 40,000 by 2025/2026, with at least 50% of that number being women.
  • Currently, three in ten Samoans do not have a bank account, electronic payment card, or digital financial service.

Commitment and Support

Government leaders and key stakeholders expressed their commitment to fostering economic growth through improved quality of life for all Samoans. The Governor of the Central Bank of Samoa, Maiava Atalina Ainuu Enari, recognized that the strategy represents a significant milestone in Samoa’s journey towards inclusive economic growth and empowerment.

The Minister of Finance, Lautimuia Afoa Uelese Vaai, emphasized the importance of a robust financial landscape, stating that it is equally important for citizens to embrace their roles as responsible economic actors.

Strategic Pillars

NFIS 2.0 comprises five strategic pillars:

Client-Centric Products and Services

  • Focus on delivering products and services that meet the needs of Samoan consumers

Accessible Delivery Channels

  • Ensure that financial services are accessible through various channels, including mobile phones, digital platforms, and physical branches

Vibrant Digital Financial Services Ecosystem

  • Encourage innovation and competition in the digital financial services market to drive growth and inclusion

Improved Access to Finance for MSMEs, Informal, and Agriculture Sectors

  • Provide access to finance for micro, small, and medium-sized enterprises (MSMEs), informal sector businesses, and agriculture-related activities

Financial Capability and Consumer Protection

  • Empower consumers with financial literacy and skills to make informed decisions, while also protecting them from financial risks and exploitation

Governance and Implementation

The governance, management, and implementation plan involves a three-tier structure:

National Financial Inclusion Council

  • Overseeing the strategy’s overall direction and coordination

National Financial Inclusion Task Force

  • Implementing specific actions and initiatives to achieve the strategy’s goals

Technical Working Groups

  • Providing technical expertise and support for specific aspects of the strategy

Donor Support

Donors can play a pivotal role in ensuring the strategy’s success by providing financial commitment and coordination. Existing support is invaluable, yet there are opportunities for additional collaboration and investment from development partners.

As Samoa embarks on its new financial inclusion journey, the nation’s financial revolution 2.0 is not just a strategy; it’s a testament to the nation’s commitment to inclusive and sustainable development.