UNCDF has been present in Fiji since 2008, improving digital access for financial services and allowing greater financial access in rural areas that see greatly benefit in low income households.
UNCDF jointly implemented the Pacific Financial Inclusion Programme (2008-2020) with UN Development Programme (UNDP). This programme aims to increase access and usage of former financial services for Pacific Islanders. This is done by supporting financial service providers to innovate with products and services designed especially for mass market customers. By supporting governments to create an enabling policy environment for financial innovation, and by empowering consumers through financial education.
The Pacific Financial Inclusion Programme managed to fund over 44 projects in close collaboration with financial service providers, enrolling customers in services such as agency banking, mobile wallets, microinsurances, micropensions, affordable remittances and savings groups.
The success of the Pacific Financial Inclusion Programme helped position UNCDF as the agency with a wide network and extensive knowledge on financial, digital financial and digital services and products. This expertise has allowed us to diversify our portfolio in the Pacific.
UNCDF is bringing its expertise in promoting Financial Inclusion and Resilient Local Development together with UNDP and UNU-EHS through MCII to support climate change and natural disaster risk management though the Pacific Insurance Climate Adaptation Programme. The overall objective is to improve the financial preparedness and resilience of Pacific Islanders, specifically vulnerable segments of society and economic sectors, towards climate change and natural hazards.
UNCDF in Fiji also supports a new partnership with the European Union. The European Commission, together with the Organization of Africa, Caribbean and Pacific States (OACPS), has signed an initiative of €14.5 million with the United Nations Capital Development Fund (UNCDF) to unlock the potential of digital finance to benefit more than 600,000 women, youth and entrepreneurs across African, Caribbean and Pacific countries. More information on this initiative can be found here.
The Global Fund for Coral Reefs--a blended finance vehicle that supports business models that support coral reef preservation--has capitalized several investments in Fiji, with UNCDF playing the role of providing concessional financing.