Fiji will be making new commitments to Maya declaration with key focus to gender and financial inclusion at the Alliance for Financial Inclusion Global Policy Forum at Sheraton Fiji Resort Denarau, Nadi.

With the Financial Literacy Programmes set a couple of years ago, Fiji specifically met its target and has been leading in that regard in the region, explained the Alliance for Financial Inclusion, head of communications and media relations, Peter W Foster.

“There’s a success story of its own for Fiji under Maya declaration,” he said.

“With Financial Literacy Programmes they had a goal that they set a couple of years ago to meet certain percentages of how many people they wanted to have taken part in literacy programmes.

“And they exceeded that target then actually set new ones and this year, they will be making new commitments on gender and financial inclusion.”

The current Global Policy Forum will also mark five years of Maya Declaration and in saying this AFI executive director Alfred Hannig said the declaration could be opened to other countries to endorse this commitment and AFI is open to invite others.

“The declaration has now attracted more than 60 countries and this showed the commitment of the AFI to the countries.”

Work in progress under Maya Declaration with RBF

The national payments system, other digital financial services has a concrete target of ensuring the provision if an enabling legislative and regulatory environment for payment systems (including mobile money financial services) and microfinance.

It aims to encourage expansion of saving services and structure to support greater financial inclusion.

Progress highlights

The Payments System Bill has been drafted and vetted with the technical assistance of the IFC and World Bank team and this was sent to Fiji’s Solicitor General in 2013.

A microfinance bill covering the establishment, governance and licensing supervision institutions is under review by RBF. Upon approval this is expected to be sent to Government for approval in 2016.

There is other work also underway to table a Secured Transactions draft bill to Parliament this year to enable greater success for small medium enterprises.

edited by Farzana nisha

Feedback:  arishma.narayan@fijisun.com.fj