National Financial Inclusion Taskforce Happy With Progress

Thursday 17th November, 2011

(Honiara 17.11.2011) - Members of the National Financial Inclusion Taskforce (Taskforce)) held their third quarterly meeting on Wednesday 16 November 2011.

Reporting on progress since the formation of the Taskforce, Chairperson Denton Rarawa said a lot has been achieved. Rarawa reported that the endorsement of the Taskforce by the Solomon Islands Cabinet is one major achievement. This he said gives the Taskforce an official mandate to work with government, donors and others to drive the financial inclusion aims of the country.

The Chairman reported Notable progresses were made in the areas of Financial Literacy activities. A team from Pacific Financial Inclusion Program (PFIP) based in Suva and Young Enterprises Ltd of New Zealand conducted a scoping mission in the country, to map out how financial education can be incorporated into the school curriculum of Solomon Islands.

One exciting item reported is the Money Pacific initiative to print 20,000 copies of a 2012 Calendar which has monthly tips in both English and Pidgin English on how to manage money. The Calendars will be distributed to schools in Solomon Islands to sell as part of their fund-raising efforts.

Progress reports on financial literacy training were received from Taskforce members, ANZ Bank, the Solomon Islands Credit Union League (SICUL), Solomon Islands Small Business Enterprise Centre (SISBEC), Rokotanikeni Women Association, Westpac Bank and Cocoa Livelihood Improvement Project (CLIP). ADB also presented a draft summary of its study on the “Financial Inclusion Appraisal & Review of Laws and Policies Affecting Financial Inclusion in Solomon Islands.”

On mobile phone banking, the Taskforce was briefed on ANZ Bank’s plan to introduce this banking channel to its customers in 2012.

ENDS

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