Here is the converted article in Markdown format:
Many Ni-Vanuatus Rely on Informal Financial Networks
Port Vila, Vanuatu - A new study by the Reserve Bank of Vanuatu has revealed that many Ni-Vanuatu adults rely on informal financial networks to manage their finances.
Financial Inclusion in Vanuatu
According to the study, 59% of adult respondents saved money in the past year, with women being more likely to save. However, only 21% of adults used bank accounts for savings, while 58% kept their savings at home.
- 59% of adult respondents saved money in the past year
- Women were more likely to save than men (62% vs. 56%)
- Only 21% of adults used bank accounts for savings, while 58% kept savings at home
Accessing Loans
The study also found that many Ni-Vanuatu adults turned to informal instruments such as shop credit and moneylenders to access loans. While only 6% of adults took out a loan from a bank in the past year, 26% borrowed from friends or family members.
- 26% borrowed from friends or family members, while only 6% took out a loan from a bank
Regional Comparisons
Regional comparisons showed that Vanuatu’s financial inclusion levels were lower than those of Samoa and Fiji, but higher than Solomon Islands.
Conclusion
The study highlights the need for improved access to financial services for Ni-Vanuatu adults, particularly women. The Reserve Bank’s commitment to increasing financial inclusion is an important step towards achieving this goal.
“We recognize that there is still much work to be done to increase financial inclusion in Vanuatu,” said a Reserve Bank spokesperson. “Our goal is to provide affordable and accessible financial services to all Ni-Vanuatu, regardless of their location or socio-economic status.”
The study’s findings are based on data collected during the MSME survey conducted by the Reserve Bank in October-November 2016.
Key Findings:
- 59% of adult respondents saved money in the past year
- 58% kept savings at home, while only 21% used bank accounts
- 26% borrowed from friends or family members, while only 6% took out a loan from a bank
- Women were more likely to save than men (62% vs. 56%)
- Financial inclusion levels in Vanuatu were lower than those of Samoa and Fiji, but higher than Solomon Islands