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Samoan Government Unveils Ambitious Plan for Financial Inclusion

The Central Bank of Samoa and the United Nations Capital Development Fund have launched a new strategy aimed at increasing financial inclusion in the Pacific nation. The National Financial Inclusion Strategy (NFIS) 2.0, unveiled on November 14, sets out to improve access to financial services for all Samoans, regardless of their economic status.

Goals and Objectives

The strategy has two main goals:

  • Increase the number of previously excluded adults who use formal financial services by 40,000
  • Ensure that at least 50% of this number are women

Currently, three in ten Samoans do not have a bank account or digital payment card. The Governor of the Central Bank of Samoa, Maiava Atalina Ainuu Enari, hailed the launch of the strategy as a significant milestone in Samoa’s journey towards inclusive economic growth and empowerment.

Implementation

The Central Bank will lead the implementation of the strategy with support from UNCDF. The Minister of Finance, Lautimuia Afoa Uelese Vaai, emphasized the importance of a robust financial landscape and called on citizens to take responsibility for their financial decisions.

Strategic Pillars

NFIS 2.0 is built around five strategic pillars:

  • Client- centric products and services
  • Accessible delivery channels
  • Vibrant digital financial services ecosystem
  • Improved access to finance for MSMEs, informal, and agriculture sectors
  • Financial capability and consumer protection

Partnerships

The Pacific Digital Economy Programme (PDEP) and the Digital Finance for Resilience Programme (DFS4Res), supported by the Australian Government, New Zealand Government, European Union, and other development partners, will play a key role in implementing the strategy.

Call to Action

Donors are being called upon to support the strategy’s implementation, particularly in areas that require additional resources. Financial inclusion practitioners and donors are seen as partners in shaping a brighter future for Samoa and its people.

Conclusion

The launch of NFIS 2.0 marks a significant step towards financial inclusion in Samoa, with potential benefits including improved economic growth and a better quality of life for all Samoans.