E-money FAILS to sell

Call to review Pacific financial inclusion products

FINANCIAL inclusion products for the Pacific islands need to be differentiated by their target markets and target clients.

That’s the message from the Executive Secretary of the United Nations Capital Development Fund (UNCDF), Judith Karl.

The UNCDF is a UN-mandated facility under the United Nations Development Programme (UNDP) with the objective of assisting low-income households improve their living standards through easier access to the formal banking and financial sectors.

The programme also aims to work with stakeholders to ensure affordable financial services and greater financial education – especially among the poorer communities.

In a September interview with Islands Business, Karl said Pacific financial inclusion programmes need to be partnership-based and need input from central banks, finance ministries and the communications industry.

“If you have a broad base of partners, you’re likely to have more integrated solutions which will connect informal financing mechanisms to the formal sector.

“There’s a need for appropriate policies and strategies to be in place – and in the case of the Pacific this needs to be both national and regional. The policies need to be evidence-based and driven by real data,” Karl told Islands Business.

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