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  • National Financial Inclusion Task-force – Terms of Reference
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    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:

    1. Priority Pillar 1: Inclusive Finance;
    2. Priority Pillar 2: Digital Financial Services;
    3. Priority Pillar 3: Micro, Small and Medium Enterprises Finance; and
    4. Priority Pillar 4: Consumer Protection and Financial Capability


    The main objective of the NFIT is to ensure the successful implementation of NFIS through effective stakeholder collaboration.


    The Taskforce shall carry out the following responsibilities in fulfilling its overall objectives:

    • Endorse the National Financial Inclusion Strategy 2022-2030;
    • Approve detailed, time-bound action plans prepared by each Working Group (WG) based on the overall NFIS implementation plan;
    • Ensure convergence between financial inclusion priorities and the National Development Plan, sectoral plans, global and regional commitments in financial inclusion;
    • Coordinate between government institutions and private sector to better utilise new or existing infrastructure to support financial inclusion programs;
    • Guide, supervise and provide technical advice to the Working Groups and annually monitor their performance against their action plans; and
    • Monitor and evaluate the overall progress of NFIS triennially and approve appropriate course correction including revision of NFIS action plan(s) as and when required.


    • The Taskforce shall meet on a bi-annual basis to ensure exchange of information and to sustain momentum in carrying out its responsibilities. Appropriate professional discretion is to be undertaken by member(s) in the dissemination of sensitive and/or restricted information to other committee member(s). Meeting shall only commence with a quorum of 50 percent of the members present
    • The Taskforce shall discuss, deliberate and provide direction in areas closely related to its role – to coordinate, manage (if needed), monitor and evaluate the overall implementation of the financial inclusion process – while at the same time maintaining the integrity and independence of the institutions represented by the members.
    • The Taskforce may also establish specialised working groups (which can include non-members, at the discretion of the Taskforce) to drive, execute and provide expert advice on relevant projects assignment by the Taskforce in fulfilling its assigned functions and objectives.


    The Taskforce shall comprise of the following Primary Members:

    • Governor of the Reserve Bank of Fiji;
    • Representative from the Reserve Bank and/or Board;
    • Permanent Secretary for the Ministry of Economy;
    • Permanent Secretary for the Ministry of Commerce, Trade, Tourism and Transport;
    • Permanent Secretary for the Ministry of Women, Children and Poverty Alleviation;
    • Permanent Secretary for the Ministry of Agriculture;
    • Regional Manager of the United Nations Capital Development Fund;
    • Chairperson of the Association of Banks in Fiji;
    • Chairperson of the Insurance Association of Fiji;
    • Chairperson of the Finance Companies Association of Fiji;
    • Chairperson, Inclusive Finance WG;
    • Chairperson, Digital Financial Services WG;
    • Chairperson, MSME Finance WG; and
    • Chairperson, Consumer Protection & Financial Capability WG.

    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:

    • Setting the agenda with the support from the Secretariat;
    • Guiding the meeting according to the agenda and time allocated for the meeting;
    • Inviting specialists/non-members to provide expert advice and/or presentations when required by the Taskforce;
    • Ensuring all discussions end with a definite decision or required action or measurable outcome;
    • Review and approve the draft minutes before distribution; and
    • Where necessary shall meet with the Chairpersons of each WG to discuss progress and focus of the WGs.


    The Financial System Development Group of the RBF shall provide secretariat support to the NFIT. The responsibilities of the Secretariat shall be to:

    • Ensure oversight and regular tracking of the progress of the overall implementation plan vis a vis M&E framework;
    • Provide regular reports of progress of the NFIS activities and targets under each WG;
    • Prepare agenda (and ensuring all necessary documents requiring discussion or comments are attached to the agenda);
    • Issue advance notices for meetings and distribute the Agenda & key documents one week prior to the scheduled meeting; and
    • Take notes of proceedings, distribute meeting minutes within three working days to all Taskforce members and finalize the minutes in consultation with the Chairperson. Minutes are confirmed during the subsequent meeting.


    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.


    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.