The level of formal financial inclusion among Fijians has increased to 81 percent from 64 percent in 2014.

This was revealed in the latest Financial Services Demand Side Survey 2020 Report released by the Reserve Bank today.

The DSS collects information that helps in measuring financial inclusion progress and provides an understanding of the financial situation amongst Fijian adults.

Compared to the 2014 survey, the 2020 survey reported significant financial inclusion progress over the past five years across all key indicators.

It noted a 17 percent decline in the number of Fijians excluded from the formal financial sector which was supported by a 23 percent growth in the number of Fijian women owning a bank account, and similarly for youths and the self-employed.

In addition, an improvement in uptake was noted in other financial inclusion instruments such as savings, remittances and mobile money usage.

Governor, Arriff Ali says the favourable outcome is a result of the successful partnership and collaboration with key stakeholders to deliver targeted initiatives that are crucial for financial inclusion.

Ali adds the information will complement supply-side data captured by the RBF from licensed financial institutions and will in turn offer evidence-based inputs to formulate the next five-year National Financial Inclusion Strategy..

He encouraged financial service providers and other key stakeholders to use the information from the report to tap into the underserved and unserved markets and develop appropriate financial products to cater for the needs of different segments of society.

The national survey was conducted in a joint partnership between the RBF and the Fiji Bureau of Statistics from October 26th to December 4th.