The Prime Minister of Solomon Islands, the Hon Manasseh Sogavare, launched the country’s third National Financial Inclusion Strategy 2021-2025 (NFIS3) in Honiara today, marking an important step towards Solomon Islands becoming a more financially inclusive society.

The 5-year strategy builds on the previous two editions and aims to improve the accessibility of financial services through policy changes, innovative partnerships, and infrastructure development.

The country also launched its Inclusive Digital Economy Scorecard (IDES) alongside the NFIS3, the first nation in the Pacific region to do so.
The IDES is a tool developed by the UN Capital Development Fund (UNCDF) to inform government policy by identifying barriers hindering the development of an inclusive digital economy.

“The National Financial Inclusion Strategy is an important roadmap to improve financial access to all Solomon Islanders. It is very supportive of enhancing the economic livelihoods of women & children,” Prime Minister Sogavare said.
Other high-profile guests at the launch included the Governor of the Central Bank of Solomons Islands (CBSI), Dr Luke Forau, and the Australian High Commissioner, Dr Lachlan Strahan. Virtual remarks were also delivered by Preeti Sinha, UNCDF’s Executive Secretary, and Francois Coupienne, UNCDF’s Digital Global Lead for Africa, Asia and the Pacific.

Financial inclusion has been a challenge in the Solomon Islands due to geographical barriers and poor infrastructure, requiring a multi-stakeholder approach and strong political will to address.

The NFIS 3 was developed by the CBSI with technical support from the UNCDF and funding from the Australian Government, a longtime development partner.
In his remarks at the launch Dr Strahan said “The Australian Government was proud to support the development of the third National Financial Inclusion Strategy.

“We are looking forward to seeing it being implemented and delivering safe, secure and cost-effective access to more Solomon Islanders, wherever they live in the country and whatever their role in the economy.

“It is so important that much more is done to make sure that women, young people and rural communities are able to have bank accounts and participate in the formal economy. This is both the economically smart thing to do and the right thing to do.”

Strahan also announced that Australia is contributing SDB18.6 million (AUD3 million) to fund the new Pacific Digital Economy Program (PDEP) in Solomon Islands, which is jointly administered by the UNCDF, the UN Development Program (UNDP) and the UN Conference on Trade and Development (UNCTAD) and has plans to implement key initiatives under NFIS 3.

This new initiative will be implemented in Fiji, Samoa, Solomon Islands, Tonga and Vanuatu to develop inclusive and sustainable digital economies, with the theme ‘Leaving no-one behind in the digital era.’

“We are proud to support the Solomon Islands on its important financial inclusion journey that will eventually lead to greater economic empowerment for its people,” said Bram Peters, UNCDF Pacific Regional Lead.

“The new financial inclusion strategy and IDES will combine to ensure government policies use sound data and research to address the needs of the marginalized and financially excluded, namely women, youths, MSMEs, elderly people and the disabled community.”

The NFIS 3 outlines a clear, evidenced-based plan to promote greater financial inclusion in the country, with six key strategic objectives:

1. Amplify the reach and quality of digital financial services, products, and channels
2. Improve and promote medium, small, and micro enterprise (MSME) finance
3. Include women, youth and rural adults as fully engaged participants in the formal financial sector
4. Build financial resilience in households and communities
5. Build financial empowerment in ways that are relevant to daily life, motivating and actionable
6. Develop and Implement a Data and Measurement Framework

The National Financial Inclusion Strategy Task Force will lead implementation, with support from four working groups looking at digital finance, financing for MSME’s, consumer empowerment and data & measurement.

About UNCDF
The UN Capital Development Fund (UNCDF) makes public and private finance work for the poor in the world’s 47 least developed countries.

With its capital mandate and instruments, UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development. UNCDF’s financing models work through two channels: financial inclusion that expands the opportunities for individuals, households, and small businesses to participate in the local economy, providing them with the tools they need to climb out of poverty and manage their financial lives; and by showing how localized investments—through fiscal decentralization, innovative municipal finance, and structured project finance—can drive public and private funding that underpins local economic expansion and sustainable development.

By strengthening how finance works for poor people at the household, small enterprise, and local infrastructure levels, UNCDF contributes to SDG 1 on eradicating poverty and SDG 17 on the means of implementation. By identifying those market segments where innovative financing models can have transformational impact in helping to reach the last mile and address exclusion and inequalities of access, UNCDF contributes to a number of different SDGs.

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For further information contact: [Sheldon Chanel, Communications Officer at UNCDF Pacific] sheldon.chanel@undp.org; website: https://www.uncdf.org