Vanuatu hosts PIRI’s 4th Experts Group meeting ahead regional forum

AFI and the Reserve Bank of Vanuatu (RBV) co-hosted the AFI Pacific Islands Regional Initiative’s (PIRI) fourth Experts Group Financial Inclusion Policy (EGFIP) Meeting on 1 June in Port Vila.

RBV Governor  Simeon Athy delivered the meeting’s opening remarks and noted that the work of the EGFIP technical group, while utilizing the peer-to-peer approach championed by all AFI member institutions, is incredibly important in the drive to promote evidence-based financial inclusion in the Pacific region.

“… (In rugby) there are always people behind the players that work hard to make the players improve every day,” said Mr. Athy. “And that is the thrust of my message to you this morning: I would like our EGFIP to be like those “people behind the players”—but in the context of financial inclusion, to drive our respective national programs on financial inclusion forward to the best of your abilities, given your expertise and professional skills in this field.”

Importantly, key activities and outcomes of PIRI were outlined which, along the identification of current trends for prioritization, were documented and will be formally submitted and approved at the PIRI Leaders’ Roundtable on 2 June 2016 on the first day of the 2nd Annual AFI PIRI Forum.

These key activities include:

• The Inaugural Meeting of the Pacific Islands Regional Initiative (PIRI);
• Presentation of the PIRI members at the Global Symposium on Proportionality in Practice;
• Participation of PIRI members in the BNM-AFI technical training on Consumer Protection and SME Finance;
• Participation at the 2015 Global Policy Forum (GPF) in Maputo, Mozambique;
• Participation of PIRI at the Eastern Europe & Central Asia (ECA) Regional Initiative;
• Participation of PIRI members at the AFI Working Groups;
• Consumer Protection Regulatory Training;
• Inclusive Insurance Regulatory Training.

The aforementioned current trends that will be prioritized are de-risking, capacity building on financial inclusion issues, and harmonizing peer learning between leading and learning institutions among members.

Specifically, in regard to de-risking, EGFIP will conduct an examination of the current situation, the impact of de-risking, proposed solutions, and then create a task team to lead this initiative with particular TOR and deliverables.

To build capacity on financial inclusion issues the group will leverage learning among members, and utilize programs provided by AFI, such as working group meetings and trainings.

And to better harmonize peer learning between leading and learning member institutions, EGFIP intends to Identify policy topics and members leading in the initiative, and develop support action plans for member institutions.

“There are differing levels of progress across the network. Some countries are more advanced than others, and they have been and will continue to be relied upon to assist those that are not yet as advanced,” said Mr. Athy. “It is also Important to have some sort of monitoring mechanism to track. Commitment alone is not enough; we must make progress.”

“The effort of EGFIP is critically important to the success of PIRI, as well as the entire AFI network,” said Norbert Mumba, Deputy Executive Director at AFI. “It was heartening to participate in these meetings with so many dedicated members actively trying to scale up financial inclusion in the Pacific region.”

About the AFI Pacific Islands Regional Initiative (PIRI)

The 2015 launch of PIRI in Timor-Leste established a long-term program with a common vision to ensure financial services are widely accessed throughout a region with one of the highest unbanked rates globally. PIRI members implement a peer-learning and knowledge-sharing approach to a variety of financial inclusion policy areas highly relevant for all small-island nations in the Pacific. PIRI’s mission is to create and foster conditions that lead to the financial empowerment of all Pacific Islanders.