Vanuatu financial survey
21 July, 2017, 4:31 pm
Update: 4:31PM A CONSUMER survey in Vanuatu last year found that 32 percent of Ni-Vanuatu adults are completely excluded from financial services while only 37 percent had bank accounts.
The survey was conducted by the Pacific Financial Inclusion Program (PFIP).
Financial Services Demand
Side Survey (DSS) Report for
Vanuatu also reported that the median adult in Malampa must travel up to 60
minutes to reach a bank branch, costing 600 Vatu (USD $5.50), the highest
figure across Vanuatu.
Bank of Vanuatu is working in coordination with the Pacific Financial Inclusion
Program (PFIP) to hold an introductory course on the various payment flows that
could be digitalised.
(G2P) payments are the digitization of government payments to citizens such as social transfers as well as wage and
Deputy Programme Manager and training facilitator Krishnan Narasimhan said G2P
payments had the potential to become a vehicle for extending financial
inclusion and improving the welfare of poor people.
�G2P flows builds
in part on the progress made by the industry and the regulators to grow the
branchless banking industry. It creates an enabling environment for the private sector to further its
person-to-person payments (P2P) which in turn will develop a long-term business
case,� he said.
PFIP has also been conducting
stakeholder consultations to assist the RBV in developing Vanuatu�s first
financial inclusion strategy.