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Samoa Takes Significant Leap Towards Financial Inclusion
Samoa has launched its second National Financial Inclusion Strategy (NFIS 2) and the first Digital and Financial Literacy Survey Report, marking a major push towards financial and digital inclusivity. The initiatives aim to strengthen financial inclusion, promote digital literacy, and empower citizens and businesses across the nation.
A Comprehensive Roadmap for Financial Inclusion
The NFIS 2 outlines a comprehensive roadmap with timelines and targets to enhance financial inclusion in Samoa. The goal is to increase access to formal financial services for an additional 40,000 adults by 2025/2026, with at least 50% targeted towards women.
Shedding Light on Digital and Financial Literacy
The Digital and Financial Literacy Survey Report provides valuable insights into the current state of digital and financial literacy in Samoa. The report emphasizes the importance of education and awareness to support financial inclusion efforts and bridge the digital divide.
Pacific Digital Economy Programme (PDEP) and DFS4Resilience
The PDEP and DFS4Resilience, jointly administered by UNCDF, UNDP, and UNCTAD, received funding support from the Governments of Australia, New Zealand, and the European Union. The programmes aim to accelerate financial inclusion and inclusive growth in Pacific Island countries.
Key Quotes
- “Samoa’s growing availability of digital financial services and emerging digital platforms have the potential to provide unique opportunities for accelerating financial inclusion and inclusive growth,” said Mr. Junior Lodge, Assistant Secretary General of OACPS.
- “The launch of the digital and financial literacy survey in tandem with the second National Financial Inclusion Strategy will enhance Samoa’s state capabilities and support vulnerable populations to access essential services,” said Acting High Commissioner of Australia to Samoa, Mr. Greg Furness.
- “Given New Zealand’s rich ties with Samoa, we are fully committed to supporting Samoa’s development to cultivate an economically resilient, inclusive, and secure Samoa,” said His Excellency Trevor Matheson, New Zealand High Commissioner to Samoa.
About the Central Bank of Samoa
The Central Bank of Samoa is the nation’s reserve bank, responsible for:
- Regulating the issue, supply, availability, and international exchange of money
- Advising the government on banking and monetary matters
- Promoting internal and external monetary stability
- Supervising and regulating banking business
About UNCDF
The UN Capital Development Fund (UNCDF) is a United Nations entity that works to:
- Invest and catalyze capital to support least developed countries in achieving sustainable growth and inclusiveness.