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Samoa Takes Leap Forward in Financial Inclusion with Launch of NFIS 2.0

The Central Bank of Samoa and the UN Capital Development Fund have unveiled the National Financial Inclusion Strategy (NFIS) 2.0, marking a significant milestone in Samoa’s journey towards financial inclusion.

A New Era for Financial Inclusion in Samoa

By 2025/2026, NFIS 2.0 aims to increase access to affordable, convenient, and responsible financial products and services for all Samoans. This ambitious plan is a departure from the past, where financial inclusion was limited to urban areas.

Key Objectives

The strategy has two overarching goals:

  • Increase the number of previously excluded adults accessing formal financial services by 40,000 by 2025/2026.
  • Have at least 50% of that number be women.

According to a recent digital and financial baseline survey, three in ten Samoans do not have a bank account, electronic payment card, or digital financial service. NFIS 2.0 aims to address this gap and ensure equal access to financial products and services for all Samoans.

Strategic Pillars

NFIS 2.0 is built around five strategic pillars:

  • Client-centric products and services: Designing financial products that meet the needs of all Samoans.
  • Accessible delivery channels: Providing convenient and accessible ways for people to access financial services.
  • Vibrant digital financial services ecosystems: Fostering a robust digital financial landscape in Samoa.
  • Improved access to finance for micro, small, and medium enterprises, informal, and agriculture sectors: Supporting small businesses and vulnerable communities.
  • Financial capability and consumer protection: Educating consumers on financial literacy and protecting them from financial harm.

Implementation Structure

The strategy’s implementation will be led by the Central Bank of Samoa, with support from UNCDF’s Pacific Digital Economy Programme (PDEP). A three-tier structure has been established to govern, manage, and implement NFIS 2.0:

  • National Financial Inclusion Council: The highest governing body for NFIS 2.0.
  • National Financial Inclusion Task Force (NFIT): A task force responsible for implementing the strategy.
  • Technical Working Groups: Teams that will provide technical expertise to support the implementation of NFIS 2.0.

Seeking Collaboration and Investment

The government is seeking additional collaboration and investment from development partners to ensure the success of NFIS 2.0. Samoa’s financial revolution is not just a strategy, but a testament to its commitment to inclusive and sustainable development.