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United Nations Department of Economic and Social Affairs Sustainable Development

Pacific Financial Inclusion Programme (PFIF)

Pacific Financial Inclusion Programme 2
#SDGAction39863
Description
Description
The Pacific Financial Inclusion Programme (PFIP) is a Pacific-wide programme helping to provide sustainable financial services to low income households. By 2019 PFIP aims to have: - One million low-income people in the Pacific, with at least 50 per cent women, gain access to appropriate/affordable financial services; (600,000 achieved by 2014)- Additional 150,000 previously unbanked people, with at least 50 per cent women, gain access to a formal savings account;- Four additional Pacific Islands Countries (PICs) have national financial inclusion strategies that reflect gender differences and which are based on sound and comprehensive diagnostics. Countries with strategies that are three or more years old review and update their strategies; - Three additional PICs offer financial education through core curricula and; - Three additional PICs have national financial literacy strategies in place.PFIP currently covers Fiji, Papua New Guinea (PNG), Samoa, Solomon Islands (SOI), Tonga and Vanuatu with Kiribati and Tuvalu potentially covered before the end of July 2019.The aim of the second phase of PFIP (PFIP 2), which will start in July 2014 and end in July 2019 is to respond to the current and emerging challenges that have been identified both from the first phase of PFIP, as well as a four -country onsite consultative process.
Implementation of the Project/Activity

The following are the associated outcome areas and corresponding strategies through which PFIP aims to achieve the overall vision of inclusive economic growth within the region.Better Policies, Regulations and Coordinated Actions: Assisting establishment of enabling policy and regulatory environment in each covered country, backed by a robust national financial inclusion strategy that facilitates expansion of appropriate, innovative and secure financial products and delivery channels for low-income Pacific Islanders.Deepened Financial Access: Deepening financial access through product/ channel innovations that meet the financial service needs of low-income Pacific Islanders, including women and youths, and at the same time result in sustainability of financial services delivery. Better Market Information and Access to Knowledge: Enhancing sector understanding on products, channels, and business models suited to the needs of low-income Pacific Islanders through demand, supply and impact evaluation studies.Informed and Competent Consumers: Strengthening financial competencies of clients so they can better leverage business and financial access opportunities to improve their livelihoods and ensure establishment of simple, transparent consumer protection measures.PFIP offers support through the following channels:- Organize and sponsor knowledge sharing events- Scholarships- Research and publications- Performance based grants to government agencies, support organizations, financial service providers- Technical assistance to service providers and regulators- FI Stakeholder coordination

Governed

PFIP uses arrangements between range of national and regional stakeholders aimed at achieving PFIP 2014-2019 strategic outcomes. The overall objective of such arrangements is to serve the institutional and strategic context of individual stakeholders including donors, central banks, government and other private sector stakeholders in planning, implementation, monitoring and evaluation of programme strategies. PFIP is implemented by UNCDF via direct execution and the UNDP Pacific Centre. The programme has clear management arrangements to facilitate multi-donor participation, and will build on the lessons and successes of the current phase in managing and implementing financial inclusion interventions in the Pacific.PFIP 2 is governed by the Joint Investment Committee (JIC) which has representation from programme donors and policy advocacy partners. The JIC approves the annual workplan, monitors progress and provide strategic directions to optimize the impact of the programme.

Partners
United Nations Capital Development Fund (UNCDF), United Nations Development Programme (UNDP), ILO, Australian Government, European Union (EU), ACP/EU Microfinance, New Zealand Aid Programme, Reserve Bank of Fiji, Bank of Papua New Guinea, Central Bank of Samoa, Central Bank of Solomon Islands, National Reserve Bank of Tonga, Reserve Bank of Vanuatu, Fiji Department of Social Welfare, Fiji Ministry of Education, Bank of the South Pacific (BSP), Digicel, KlickEx, Life Insurance Corporation of India of Fiji (LICI Fiji), National Bank of Vanuatu (NBV), Nationwide Microbank (NMB), Oceanic Communications Limited (OCL), Vodafone, Westpac, Better Than Cash Alliance (BTCA), Mobile Money for the Poor (MM4P), The Foundation for Development Cooperation (FDC), Consultative Group to Assist Poor (CGAP), The Alliance for Financial Inclusion (AFI), The Pacific Islands Working Group (PIWG), Money Pacific Working Group, Microfinance Pasifika Network (MPN), Pacific Financial Inclusions Donors Group, GSMA.

Goal 17

Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development

Goal 17

17.1

Strengthen domestic resource mobilization, including through international support to developing countries, to improve domestic capacity for tax and other revenue collection

17.1.1
Total government revenue as a proportion of GDP, by source
17.1.2
Proportion of domestic budget funded by domestic taxes

17.2

Developed countries to implement fully their official development assistance commitments, including the commitment by many developed countries to achieve the target of 0.7 per cent of ODA/GNI to developing countries and 0.15 to 0.20 per cent of ODA/GNI to least developed countries; ODA providers are encouraged to consider setting a target to provide at least 0.20 per cent of ODA/GNI to least developed countries

17.2.1
Net official development assistance, total and to least developed countries, as a proportion of the Organization for Economic Cooperation and Development (OECD) Development Assistance Committee donors’ gross national income (GNI)

17.3

Mobilize additional financial resources for developing countries from multiple sources

17.3.1

Additional financial resources mobilized for developing countries from multiple sources 

17.3.2
Volume of remittances (in United States dollars) as a proportion of total GDP

17.4

Assist developing countries in attaining long-term debt sustainability through coordinated policies aimed at fostering debt financing, debt relief and debt restructuring, as appropriate, and address the external debt of highly indebted poor countries to reduce debt distress

17.4.1
Debt service as a proportion of exports of goods and services

17.5

Adopt and implement investment promotion regimes for least developed countries

17.5.1

Number of countries that adopt and implement investment promotion regimes for developing countries, including the least developed countries

17.6

Enhance North-South, South-South and triangular regional and international cooperation on and access to science, technology and innovation and enhance knowledge sharing on mutually agreed terms, including through improved coordination among existing mechanisms, in particular at the United Nations level, and through a global technology facilitation mechanism

17.6.1

 Fixed broadband subscriptions per 100 inhabitants, by speed

17.7

Promote the development, transfer, dissemination and diffusion of environmentally sound technologies to developing countries on favourable terms, including on concessional and preferential terms, as mutually agreed

17.7.1

Total amount of funding for developing countries to promote the development, transfer, dissemination and diffusion of environmentally sound technologies

17.8

Fully operationalize the technology bank and science, technology and innovation capacity-building mechanism for least developed countries by 2017 and enhance the use of enabling technology, in particular information and communications technology

17.8.1
Proportion of individuals using the Internet

17.9

Enhance international support for implementing effective and targeted capacity-building in developing countries to support national plans to implement all the Sustainable Development Goals, including through North-South, South-South and triangular cooperation

17.9.1

Dollar value of financial and technical assistance (including through North-South, South‑South and triangular cooperation) committed to developing countries

17.10

Promote a universal, rules-based, open, non-discriminatory and equitable multilateral trading system under the World Trade Organization, including through the conclusion of negotiations under its Doha Development Agenda

17.10.1
Worldwide weighted tariff-average

17.11

Significantly increase the exports of developing countries, in particular with a view to doubling the least developed countries’ share of global exports by 2020

17.11.1

Developing countries’ and least developed countries’ share of global exports

17.12

Realize timely implementation of duty-free and quota-free market access on a lasting basis for all least developed countries, consistent with World Trade Organization decisions, including by ensuring that preferential rules of origin applicable to imports from least developed countries are transparent and simple, and contribute to facilitating market access

17.12.1

Weighted average tariffs faced by developing countries, least developed countries and small island developing States

17.13

Enhance global macroeconomic stability, including through policy coordination and policy coherence

17.13.1
Macroeconomic Dashboard

17.14

Enhance policy coherence for sustainable development

17.14.1
Number of countries with mechanisms in place to enhance policy coherence of sustainable development

17.15

Respect each country’s policy space and leadership to establish and implement policies for poverty eradication and sustainable development 

17.15.1
Extent of use of country-owned results frameworks and planning tools by providers of development cooperation

17.16

Enhance the Global Partnership for Sustainable Development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology and financial resources, to support the achievement of the Sustainable Development Goals in all countries, in particular developing countries

17.16.1

Number of countries reporting progress in multi-stakeholder development effectiveness monitoring frameworks that support the achievement of the Sustainable Development Goals

17.17

Encourage and promote effective public, public-private and civil society partnerships, building on the experience and resourcing strategies of partnerships 

17.17.1

Amount in United States dollars committed to public-private partnerships for infrastructure

17.18

By 2020, enhance capacity-building support to developing countries, including for least developed countries and small island developing States, to increase significantly the availability of high-quality, timely and reliable data disaggregated by income, gender, age, race, ethnicity, migratory status, disability, geographic location and other characteristics relevant in national contexts

17.18.1

Statistical capacity indicators

17.18.2
Number of countries that have national statistical legislation that complies with the Fundamental Principles of Official Statistics
17.18.3

Number of countries with a national statistical plan that is fully funded and under implementation, by source of funding

17.19

By 2030, build on existing initiatives to develop measurements of progress on sustainable development that complement gross domestic product, and support statistical capacity-building in developing countries

17.19.1
Dollar value of all resources made available to strengthen statistical capacity in developing countries
17.19.2

Proportion of countries that (a) have conducted at least one population and housing census in the last 10 years; and (b) have achieved 100 per cent birth registration and 80 per cent death registration

1. Additional 500,000 low-income people, with at least 50 per cent women, gain access to appropriate/affordable financial services
2. Additional 150,000 previously unbanked people, with at least 50 per cent women, gain access to a formal savings account;
3. Four additional Pacific Islands Countries (PICs) have national financial inclusion strategies that reflect gender differences and which are based on sound and comprehensive diagnostics. Countries with strategies that are three or more years old review and update their strategies and;
Financing (in USD)
33780000
Staff / Technical expertise
In house as well as hired external consultants
Title Progress Status Submitted
Partnership Progress 2016-06-27 On track
False
Action Network
Small Island Developing States
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Timeline
30 June 2019 (date of completion)
Entity
PFIP
SDGs
17
Region
  1. Asia and Pacific
More information
Countries
Fiji
Fiji
Contact Information

Reuben Summerlin, Programme Manager, PFIP

reuben.summerlin@uncdf.org