The pivotal role of inclusive finance in national development policies has gained recognition in promoting equitable and sustainable growth. Financial inclusion is seen as an effective tool that enables and empowers individuals and businesses to increase productive investment, build resilience, step out of poverty and reduce inequalities in society. This recognition led to Reserve Bank of Fiji’s (RBF) commitment to have financial inclusion as an integral role.
The RBF has pursued the financial inclusion agenda since 2008 and has since implemented two national financial inclusion strategies (NFIS). The development and learning over the last decade acknowledged the key role of stakeholder partnership and collaboration from all segments of society. A National Financial Inclusion Taskforce (NFIT) was established and chaired by the Governor of the Reserve Bank during the first NFIS. Technical Working Groups were also established under the NFIT to implement activities outlined in the NFIS (2010-2014). The second NFIS (2016-2020) continued on the platform and governance structure set by the first Strategy. This collaborative model engages government, financial institutions, other private sector players, NGOs and development partners and have been instrumental in successfully driving financial inclusion initiatives over the last decade.
This third NFIS 2022-2030 builds on the progress made from the first two strategies. The NFIS supports the five and 20-year national development plans and, for the first time, aligned to the United Nation’s Sustainable Development Goals (SDGs). Sustained collaboration and partnership amongst all relevant stakeholders is critical to the successful implementation of the NFIS. In this regard, the Terms of Reference (ToR) of the NFIT is hereby revised to align with the current financial inclusion priorities as outlined in the third NFIS.
The NFIT will be guided by the NFIS vision and strategic objectives outlined below.
“Empowering Fijians to build resilience and sustainable livelihoods and businesses through affordable and quality financial services.”
In pursuit of this vision, the NFIS provides strategic actions and activities that will contribute to the successful realisation of the priority pillars which are as follows:
The main objective of the NFIT is to ensure the successful implementation of NFIS through effective stakeholder collaboration.
ROLES & RESPONSIBILITIES
The Taskforce shall carry out the following responsibilities in fulfilling its overall objectives:
RULES OF ENGAGEMENT
MEMBERSHIP & STRUCTURE
The Taskforce shall comprise of the following Primary Members:
Each member of the NFIT must appoint another person to act as his/ her alternate in the event the primary member is unable to attend any NFIT meeting. The Alternate must be an officer of equally authority.
The Chairperson has the discretion to co-opt additional representatives to the Taskforce or review membership from time to time.
The Governor of the RBF shall act as Chairperson of the NFIT in the first three (3) years. This position may then be rotated thereafter amongst Taskforce members. The selected Chairperson must be an active member of NFIT (at least more than 50% attendance in the last 2 years) and based on majority votes.
The Chairperson shall be responsible for:
The Financial System Development Group of the RBF shall provide secretariat support to the NFIT. The responsibilities of the Secretariat shall be to:
The Taskforce shall provide, via the Chairperson, semi-annual updates/briefings/reports, as and when requested, to the key stakeholders – the private sector, Government (through the cabinet and/or Development Sub-Committee) and public at large.
TERMS OF REFERENCE REVIEW
The Committee’s TOR will be reviewed as & when required and approved by the Chairperson.
This TOR will serve as a guide for the NFIT which becomes operational at the date of signing.