The Vanuatu National Financial Inclusion Strategy 2018 – 2023 is the policy document that provides the road map of the financial inclusion journey with the ultimate aim of improving access to and usage of appropriate financial services by the underserved adult population and micro small and medium enterprises in Vanuatu. It provides an important means to improve livelihoods, strengthen financial resilience and provides an avenue for the ni-Vanuatu to better able to save for the future, invest to generate income and insure against unforeseen events. Because these goals are multifaceted their success and the barriers to achieve a more financially inclusive society can only be attained with the support and collaboration of the different stakeholders. This cooperation will be critical in the period ahead because of the different sphere of responsibilities of different agencies and policy makers within the financial inclusion agenda. There is need therefore to recognize this shared responsibility among the different stakeholders for the common good of the ni-Vanuatu.
The development of the financial inclusion strategy drew from lessons, experiences and best practices around the world and particularly from among the Pacific island countries. But more importantly, it reflected the aspirations and needs of the ni Vanuatu. The baseline data of the 2016 nationally represented financial inclusion demand side survey, provided data on access and usage of financial services, determined the need for a suite of financial services, provided a profile of the different users of financial services and identified the main barriers to access and usage of financial services for individuals in Vanuatu. Furthermore, the strategies were developed from consultation with relevant key financial inclusion stakeholders, including the Government and those with the Financial Inclusion Taskforce (FIT).
The strategy provides the means to achieving the vision of creating an enabling environment that will lead to enriching the livelihoods of the people and MSMEs in Vanuatu through more inclusive financial service and consumer empowerment and protection and will in itself, be an important guide for the Government, the RBV, the FIT, and important financial inclusion stakeholders in Vanuatu. Its goals are to facilitate an enabling regulatory and supervisory environment, enhance access and usage of financial services, foster financial deepening, strengthen financial competencies of financial services users, facilitate consumer protection and enable a more concerted and comprehensive approach to address financial exclusion. It has four key priority areas that are critical to achieving progress in the financial inclusion agenda in Vanuatu.
Read the Vanuatu National Financial Inclusion Strategy 2018-2030 here.