The Reserve Bank of Fiji (RBF) recently created a National Financial Inclusion Taskforce made up of 11 members, including four private sector representatives, to oversee the extension of financial services to unemployed and impoverished residents of Fiji. According to Sada Reddy, RBF governor, these services include contributing to the establishment of microenterprises to alleviate unemployment.

The creation of the taskforce was the result of an effort by RBF in 2009 to address the financial inclusion of 150,000 residents of Fiji [1]. In December 2009, RBF issued microfinance policy guidelines requiring the establishment of microfinance units by commercial banks in Fiji [2]. No microfinance institutions in Fiji report to the Microfinance Information Exchange (MIX).

By Eric McKay, Research Assistant

Bibliography

[1] Fiji Government Press Release, “RBF establishes national financial inclusion taskforce”, February 15, 2010, http://www.fiji.gov.fj/index.php?option=com_content&view=article&id=1023:rbf-establishes-national-financial-inclusion-taskforce&catid=71:press-releases&Itemid=155

[2] Hio Kyeng Lee, “Reserve Bank of Fiji (RBF) Changes Guidelines for Financial Sector, Including Microfinance”, MicroCapital, January 5, 2010, http://www.microcapital.org/microcapital-brief-reserve-bank-of-fiji-rbf-changes-guidelines-for-financial-sector-including-microfinance/