Celebrating Reserve Bank of Fiji’s innovative approach to tackling financial inclusion

Fiji’s achievements in advancing financial inclusion have been celebrated at an event in Suva, hosted by the UNDP and UNCDF to mark the Reserve Bank of Fiji (RBF) winning AFI’s Nestor Espenilla Jr. Financial Inclusion Innovation Award.  

RBF received the 2024 Nestor Espenilla Jr. Award at the recent AFI Global Policy Forum after successfully introducing a number of innovative solutions to drive accessibility to formal financial services. These include generating comprehensive financial inclusion data from both the demand and supply side, supporting rapid growth in mobile money wallets, introducing guidelines for agency banking, introducing parametric micro-insurance in order to build climate resilience, and launching a FinTech regulatory sandbox. 

“This achievement reflects the resilience, innovation, and collaborative spirit that defines our nation, and underscores our commitment to fostering an inclusive financial ecosystem, leveraging digital platforms, to reach and empower every Fijian and help them thrive,” said RBF Governor and AFI Board Chair, Ariff Ali. “These successes are the result of our collective efforts and the strong partnerships we’ve built with financial sector stakeholders and development partners like UNCDF, UNDP, ESCAP, ADB, and AFI, along with government agencies.”  

“RBF’s journey stands as a model for how innovation, collaboration, and data-driven policymaking can transform the financial landscape and create lasting positive change,” said Dr Eliki Boletawa, AFI Director of Policy Programs & Implementation. “RBF’s initiatives have set a benchmark for leveraging technology to enhance financial inclusion, particularly for underserved populations, and will serve as an inspiration for countries and institutions striving to bridge the financial inclusion gap.” 

Alongside representatives from the Delegation of the European Union to the Pacific and the Australian High Commission, the Reserve Bank of Fiji invited a wide range of national financial inclusion stakeholders to attend the event, in recognition of their vital contributions.  

You can learn more about RBF’s work to advance financial inclusion on their website.