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Fiji Financial Services Sector Assessment Fiji Financial Services Sector Assessment August 2009 Fiji Financial Services Sector Assessment August, 2009 Based on field research and preliminary report prepared by Basix Pacific Financial Inclusion Program The Pacific Financial Inclusion Program (PFIP) is a joint program funded by the United Nations Capital Development Fund (UNCDF), United Nations Development Program (UNDP), the European Union/Africa, Caribbean and Pacific Microfinance Framework Program (EU/ACP), the Government of Australia (AusAID) and the Government of New Zealand (NZAID) through its financial contribution to the UNDP Pacific Centre. The mission of the PFIP is to increase the number of low income and rural households, micro and small enterprises in Pacific Island Countries (PICs) that have on-going access to quality and affordable financial services. The outcome of the Program is for 250,000 new clients in the target market segment to have new and/or improved access to appropriate, sustainable financial services including, but not limited to savings, money transfers, insurance and loans. The PFIP has several instruments to achieve its outcome, including (1) generating knowledge of the demand for and supply of financial services through research; (2) sharing knowledge through workshops and conferences; (3) providing direct expert advice or making expert consulting services available to stakeholders; (4) advocating the removal of constraints to financial inclusion and (5) providing financial support to partners that can help PFIP achieve this outcome. Fiji Financial Services Sector Assessment v USP Library Cataloguing-in-Publication Data Contents Fiji financial services sector assessment / Pacific Financial Inclusion Programme. – Suva, Fiji : PFIP, United Nations Development Programme Pacific Centre, 2010. Abbreviations iv 6.5.3 The Fiji Post and Telecom Employees Association Map of Fiji vi Credit Union 41 6.6 Informal sources 41 42 p. : ill. (some col.) ; 30 cm. 1 Executive summary 1 6.7 Range of product and services 42 The way forward 4 6.7.1 Range of savings products 42 ISBN 978-982-304-032-5 6.7.2 Range of credit products 46 2 Background 6 6.7.3 Insurance products 46 6.7.4 Transfers and remittances 47 1. Financial services industry—Fiji 2. Microfinance—Fiji 3. Insurance—Fiji 4. Financial institutions—Fiji I. Pacific Financial Inclusion Programme. 3 Approach and methodology 6 UNDP Pacific Centre II. Title. 7 Opportunities for the future 47 4 The setting for financial services in Fiji 7 7.1 The role of stakeholders 49 HG190.F5F54 2010 332.1 4.1 Country profile 7 7.1.1 Regulatory authority/government 50 4.1.1 Demography 7 7.1.2 Donors 51 4.2 The socio-political scenario 7 7.1.3 Retail service providers 51 4.2.2 The economic scenario 8 4.2.3 The informal sector 9 8 Constraints 52 4.2.4 Remittances 11 8.1 The macro level 52 4.3 Poverty and national policies for poverty alleviation 8.2 Financial institutions 53 and economic development 11 8.3 Other constraints 54 4.3.1 Poverty 11 8.4 Environmental constraints 55 4.3.2 Millennium Development Goals 13 4.3.3 Fiji’s Strategic Development Plan and its implementation 14 Annex 1 Persons Consulted 56 4.3.4 The People’s Charter 15 4.3.5 Policies and legislation for enabling private sector Annex 2 Resources 58 development 15 4.3.6 Legislation and regulation of the financial system 17 4.3.7 Know your customer and anti-money laundering 17 4.4 The role and contribution of microfinance in Fiji 19 4.4.1 Strategy 19 4.4.2 Implementation of the NMFU 20 4.5 Support Infrastructure for microfinance 22 4.5.1 Information services 22 4.5.2 Payments and clearing 22 Tables, Boxes and Figures 4.5.3 Telecommunications 22 4.5.4 Post Fiji 23 Table 1 SWOT analysis of microfinance in Fiji 3 4.5.5 Training and wholesale funding 23 Table 2 Employment statistics of Fiji 10 4.5.6 Associations 24 Table 3 Doing Business Index – Fiji 2009 15 Table 4 Estimation of households without access to 5 The demand for financial services 25 banking service 25 5.1 Size and composition of the market 25 Table 5 Untapped savings estimate in Fiji 26 5.2 The demand for savings 26 Table 6 Untapped credit estimate in Fiji 27 5.3 The demand for credit 26 Table 7 Potential for microinsurance 28 5.4 Other services 27 Table 8 Formal financial institutions in Fiji 29 5.4.1 Remittances 27 Table 9 Credit flow to largest sectors from financial 5.4.2 Insurance 28 institutions, 2007 & 2008…..30 Table 10 Microfinance institutions in Fiji 35 6 The supply of financial services 29 Table 11 Types of microsavings products 44 6.1 Formal financial institutions 29 Table 12 Types of microloan products 45 6.1.1 Commercial banks 30 6.1.2 Insurance companies 32 Box 1 Financial Services Providers at a Glance 6.2 Semiformal/ otherwise regulated financial institutions 34 (December 2008) 2 6.2.1 Fiji National Provident Fund 34 Box 2 Health care facilities in Fiji 33 6.3 Microfinance institutions 35 Box 3 Inside FCOSS 38 6.3.1 FCOSS 37 6.3.2 Microfinance West 38 Figure 1 Composition of constant price GDP, 2007 8 6.4 Savings and loan cooperatives 39 Figure 2 Percentage of the population living below 6.5 Credit unions 39 the BNPL 12 6.5.1 The Fiji Teachers’ Union Co-operative Thrift Figure 3 A dissection of MFI growth rates in Fiji from and Credit Society, Ltd. 40 2003 to 2009 36 6.5.2 The Fijian Teachers’ Association Credit Union 41 Figure 4 The sustainability of MFI growth in Fiji 37 vi Fiji Financial Services Sector Assessment Fiji Financial Services Sector Assessment vii Acknowledgement The Pacific Financial Inclusion Programme would like to acknowledge the significant contributions of our external reviewers, Luse Kinivuwai of the Foundation for Development Cooperation, Jeremy Cleaver of the Asian Development Bank, and the Financial System Development and Compliance Group of the Reserve Bank of Fiji. This assessment was written by Messrs. Sourindra Battacharjee and Vatsal Joshi of BASIX and Tillman Bruett of the Pacific Financial Inclusion Programme, with contributions from David Abbott, Dennis Fischer, Jeff Liew, Michael McCaf- frey and Anne Nacola. This document has been produced with the financial assistance of its four donors, UNCDF, AUSAID, the European Union and UNDP. The views expressed herein can in no way be taken to reflect the official opinion of these contributors. Base 800204 (A00359) 3-87 Courtesy of: http://www.wpro.who.int/internet/files/eha/toolkit/web/Country%20Profiles/Maps/fiji%20relief%20map.jpg viii Fiji Financial Services Sector Assessment Fiji Financial Services Sector Assessment 1 Abbreviations 1 Executive summary 1 2 ABIF Association of Banks in Fiji Although Fiji has a per capita gross domestic product (GDP) of US$4,113, (2007), the incidence of basic-needs poverty has been estimated at ADB Asian Development Bank an average of 38.1% of the rural population and 31.8% of those living in the urban areas. It is estimated that, since 2002/03, the rate of poverty ALTA Agriculture and Landlord and Tenants Act could have risen by additional four or five percentage points as a consequence of the low rate of economic growth and the higher price of AML/CFT Anti money laundering and combating the financing of terrorism basic food items, which have hit the poorest households hardest. The poverty gap index, measuring the extent of poverty, was 11.2 in 2002/03, ANZ Australia and New Zealand Banking Corporation indicating that on average the expenditure of poor households was approximately 11% below the basic needs poverty line of FJ$174.60 per ATH Amalgamated Telecom Holdings week for an urban family and FJ$145.27 per week for a rural family. Poverty in the context of Pacific Island countries (PICs) is different from ATM Automatic teller machine poverty in much of the developing world in that there is little basic food poverty due to an abundance of natural resources, coupled with AusAID Australian Agency for International Development AUSTRAC Australian Transactions Reports and Analysis Centre traditional familial support networks. Instead, poverty is reflected in the lack of access to a nutritional diet, and inadequate access to water, BNPL Basic needs poverty line shelter, clothing, education, health care and productive resources. With an increasing rate of urbanisation (51%) in Fiji, which is expected to BSP Bank of the South Pacific reach about 61% in 2030, there are associated issues of unemployment, low income in relation to the cost of living, and poor shelter in the CEFE Competency based Economies through the Formation of Enterprises. urban areas. CDMA Code Division Multiple Access CEO Chief executive officer Statistically, there are relatively fewer self- CGAP Consultative Group to Assist the Poor employed poor than in many other developing CNB Colonial National Bank Box 1: Financial services providers at a glance (December 2009) CU Credit union countries. Fiji’s economy is increasingly CUFA Credit Union Foundation of Australia dependent on services, particularly tourism, • Five retail commercial banks with 64 branches and 122 ATMs, led by ANZ, CUNA Credit Union National Association finance, communications and personal Westpac, and Colonial National Bank EFT Electronic funds transfer services. • Three credit companies with 11 branches, for consumer and home lending EU European Union • Fiji Development Bank with rural, sectoral and some microfinance loans FCOSS Fiji Council of Social Services Manufacturing has declined since the loss of • Approximately 1700 EFTPOS terminals mostly offered by banks FDB Fiji Development Bank preferential treatment for garment industry • ANZ mobile banking has eight vans and 80,000 savers FIBOS Fiji Islands Bureau of Statistics • Three MFIs, four village banks and a cooperative programme supported FINTEL Fiji International Telecommunications Ltd.
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