Pacific Financial Inclusion Joint Programme 

ObjectivesFund scope

Many Pacific Islanders still lack equal access to formal financial services—only 41% of adults use one. Differences in access between Pacific countries is large but despite the existing gaps, generally speaking, Pacific Islanders outperform developing states in their saving attitudes and behaviours. [RdMJ1] 

The Pacific Financial Inclusion Joint Programme aims at increasing the adoption rates of formal financial services among low-income customers. This is done by providing performance-based grants to financial service providers, carrying out relevant market research, and offering technical assistance to policy makers and service providers in order to reach an additional 1.5 million previously underserved, low-income people in the region.

Joint programme initiatives are currently being scaled up in Fiji, Papua New Guinea, Samoa, the Solomon Islands, Tonga, and Vanuatu. Outputs are aligned with global, regional and national priorities, although the overarching aim of the programme is to hit targets outlined in the global Financial Inclusion Vision 2020.

Strategic results framework

The Joint Programme responds to current and emerging challenges in the inclusive finance sector in the Pacific. It plays a critical role in expanding access to financial services for rural and low-income women, men, youth, and micro-entrepreneurs in six Pacific Island Countries. Because each country is at a different stage of market development when it comes to financial inclusion, a tailored approach is designed for each country.

Despite the context-relevant aspect of the broader programme the following cross-cutting gaps/opportunities are addressed in all countries:

• An additional 500,000 low-income people (50% women) access appropriate/affordable financial services.
• 150,000 previously unbanked people (50% women) access a formal savings account.
• An average savings balance of $10 US dollars is active in savings accounts/mobile wallets.
• 15% of clients utilize branchless and mobile banking solutions.
• Four Pacific Island Countries have national financial inclusion strategies that reflect gender differences and are based on sound and comprehensive diagnostics.  
• Three countries offer financial education programmes.
• Three countries have national financial literacy strategies in place.

Regionally, the programme is aligned with Money Pacific Goals and each strategy is developed alongside the Pacific Island Working Group. At the national level, programme stakeholders align interventions with the financial inclusion strategies and priorities of central banks and national governments.

GovernanceGovernance arrangements

Joint Investment Committee

The Committee approves the annual workplan, monitors progress and provides strategic direction to optimize programme impact. The Joint Investment Committee also reviews and approves project proposals submitted by the grant facility and ensures efficient use of resources, avoids duplication of efforts, and maximizes collaborative opportunities between donors and partners.

Administrative Agent

Funds are routed by way of a pass-through mechanism. Participating Organizations receive funds through the Administrative Agent, Multi-Partner Trust Fund (MPTF) Office. The Administrative Agent is responsible for the receipt, administration and management of contributions from donors, disbursement of funds to Participating Organizations, and consolidation and dissemination of progress reports to donors.

Participating organizations and local partners

Programme implementation is the responsibility of participating organizations and local partners—each is programmatically and financially responsible for resources received.

Projects

Pacific Financial Inclusion Joint Programme

Pacific Financial Inclusion Joint Programme is currently supporting count_projects ongoing projectscount_globalInterregional and count_countries country-specific. This table shows the most recently approved ongoing projects.

All project financial information can be found in the Financials section, including delivery analysis by organization, theme and project; project financial status by country and by theme.

Pacific Financial Inclusion Joint Programme

ResultsImpact and results

The Pacific Financial Inclusion Joint Programme expands inclusive access to financial services for rural and low-income women, men, youth, and micro-entrepreneurs by providing performance-based grants for financial service providers, conducting new market research, and offering technical assistance to policy makers and financial providers.

In this section you will find the latest editions of reports that detail Fund performance and results. In most cases, results are presented according to SDG contributions, signature indicators, and Fund outcomes.

ContactsPoints of contact

Policy and Programme Issues

UNDP Pacific Office, Fiji 
Krishnan Narasimhan, UNCDF Deputy Programme Manager, Email: krishnan.narasimhan@uncdf.org

Fund Administrative Agent Issues

Mari Matsumoto, Senior Portfolio Manager, Email: mari.matsumoto@undp.org
Aminata Baro, Portfolio Associate, Email: aminata.baro@undp.org
Myasanda Hlaing, Finance Associate, Email: myasanda.hlaing@undp.org