Financial Inclusion and Crime Prevention Drive in Solomon Islands
A groundbreaking programme aimed at promoting financial inclusion and preventing financial crime has made significant strides in Solomon Islands, benefiting over 1.78 million low-income Pacific islanders.
About the Programme
The Pacific Financial Inclusion Programme (PFIP) is a joint initiative of the UN Capital Development Fund and the UN Development Programme, funded by the Australian Government, New Zealand Government, and the European Union. The programme has been operating in the region since July 2014 with a primary objective to increase access to formal financial services among low-income Pacific islanders.
Achievements
PFIP achieves its goals by:
- Supporting innovative financial products and delivery channels for mass market customers
- Fostering a conducive policy environment
- Empowering consumers through education and awareness campaigns
With offices in Papua New Guinea, Samoa, and Solomon Islands, the programme has made substantial progress in promoting financial inclusion and preventing financial crime.
Impact in Solomon Islands
Solomon Islands has seen significant gains since PFIP’s inception. The country has witnessed an increase in the adoption of formal financial services among low-income individuals, thereby improving their economic stability and resilience.
Statistics
- Total contribution: $6,065,020 (July 2014 to June 2020)
- Major donors: Australian Agency for International Development, New Zealand Agency for International Development, United Nations Development Programme
- Financial services delivered:
- 2014: $425,425
- 2015: $1,184,673
- 2016: $992,989
Success Story
Despite a slight decrease in funding in subsequent years, PFIP’s overall impact remains significant. The programme’s success is a testament to the power of collaboration between governments, international organizations, and stakeholders.
As PFIP continues to drive financial inclusion and crime prevention efforts in Solomon Islands and beyond, its achievements serve as a model for future initiatives aimed at promoting economic stability and resilience among low-income communities.