Financial Inclusion Activities Saw Mix Results

Financial Inclusion Activities Saw Mix Results

The 2012 Central Bank annual report revealed that last year has seen mixed results in the development and promotion of Financial Inclusion activities in the country.

The overall goal is to give additional 70 thousand people, of which 30 thousand are women, access to affordable financial services by 2015.

Despite positive progress made, there were major gaps to be addressed in the pursuit of the country's financial inclusion agenda.

The Report says whilst stakeholders in the country have agreed that access to financial services and usage or the demand for financial services and products should be the 'indicators' to measure how many people have been included in the financial services, finding ways to collect data that will be used in the calculation of the indicators is yet to be identified.

It stated that consumer protection and empowerment is another key area of the financial inclusion agenda that has not really progressed in the country in 2012 and needs review to amend existing applicable laws to empower and protect the rights of users of the financial services.

Meanwhile some key achievements made by the Central Bank in 2012 includes the progress made in incorporating financial education in the Solomon Islands Education Curriculum and Adults financial competency survey facilitated with the assistance of the Pacific Islands Financial Inclusion Program which was completed at the end of 2012.

The report also noted a new micro finance institution, the south pacific business development limited establishing its operations in the country.

The report highlighted that 2012 has also seen notable growth in community based savings clubs supported by NGOs which combined provision of savings and credit products with financial literacy and training to members.

ENDS

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