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Financial Services Sector Assessment on Vanuatu

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Financial Services Sector Assessment on Vanuatu PACIFIC FINANCIAL INCLUSION PROGRAMME 1 Pacific Financial Inclusion Program The Pacific Financial Inclusion Program (PFIP) is a joint program funded by the UN Capital Development Fund (UNCDF), United Nations Development Program (UNDP), the European Union/Africa, Caribbean and Pacific Microfinance Framework Program (EU/ACP), the Govern- ment of Australia (AusAID) and the Government of New Zealand (The NZ Aid Programme) through its financial contribution to the UNDP Pacific Centre. The mission of the PFIP is to in- crease 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 confer- ences; (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. Pacific Financial Inclusion Program UNDP Pacific Centre 7th Floor, Kadavu House 414 Victoria Parade, Suva, Fiji Tel.: +679 330 0399 Fax: +679 330 1976 Website: www.pfip.org 2 PACIFIC FINANCIAL INCLUSION PROGRAMME Authored in cooperation with the Reserve Bank of Vanuatu Mike McCaffrey Pacific Financial Inclusion Programme July 2011 PACIFIC FINANCIAL INCLUSION PROGRAMME I USP Library Cataloguing-in-Publication Data McCaffrey, Mike Vanuatu financial services sector assessment / Mike McCaffrey. – Suva, Fiji : PFIP, United Nations Development Programme Pacific Centre, 2011. 74 p. : col. ill ; 30 cm. ISBN 978-982-304-040-0 1. Financial services industry—Vanuatu 2. Electronic money systems—Vanuatu 3. Reserve Bank of Vanuatu 4. Pacific Financial Inclusion Programme I. UNDP Pacific Centre. Pacific Financial Inclusion Programme II. Title. HG190.V3M33 2011 332.1099595 II PACIFIC FINANCIAL INCLUSION PROGRAMME ACKNOWLEDGEMENTS The Pacific Financial Inclusion would like to acknowledge the strong partnership of the Reserve Bank of Vanuatu in completing this research, in particular, Simon Tiwok, Financial Market Analyst who diligently organised and conducted all in-country research with the author, and Deputy Governor Peter Tari who supported the entire process. Further, Reuben Summerlin of Alternative Credit Technologies conducted an invaluable technical review of this report. THIS DOCUMENT HAS BEEN PRODUCED WITH THE FINANCIAL ASSISTANCE OF PFIP’S 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. NOTE In this report, “US$” refers to US dollars. CURRENCY EQUIVALENTS (as of 5 July 2010) Currency Unit - Ni-Vanuatu Vatu (VUV) VUV 1.00 = US $0.01100 US$ 1.00 = VUV 90.905 PACIFIC FINANCIAL INCLUSION PROGRAMME III Figure 1: Map of Vanuatu Note: The boundaries and names shown on this map do not imply official endorsement or acceptance by the United Nations. IV PACIFIC FINANCIAL INCLUSION PROGRAMME LIST OF ACRONYMS AND ABBREVIATIONS USED ADB Asian Development Bank AFI Alliance for Financial Inclusion AusAID The Australian Agency for International Development BNPL Basic Needs Poverty Line CGAP Consultative Group to Assist the Poor COMSEC Commonwealth Secretariat CRP Comprehensive Reform Programme EIB European Investment Bank EU European Union FAI Financial Access Initiative FSP Financial Service Provider FSSA Financial Service Sector Assessment GDP Gross Domestic Product HIES Household Income and Expenditures Survey IFC International Finance Corporation ILO International Labour Organisation IT Information Technology LDC Least Developed Country M-Banking Mobile Phone Banking M-Money Mobile Money MDG Millennium Development Goals MSME Micro-, Small and Medium Enterprise NBV National Bank of Vanuatu ODA Official Development Assistance PAA Priorities and Action Agenda PFIP Pacific Financial Inclusion Programme PMI Pacific Microfinance Initiative RBV Reserve Bank of Vanuatu REDI Rural Economic Development Plans RSE Registered Seasonal Employer RSPDF Rural Sector Provincial Development Fund SBDA Small Business Development Agency TVET Technical, Vocational Education and Training TVL Telecom Vanuatu Limited UNCDF UN Capital Development Fund UNDP United Nations Development Programme VADB Vanuatu Agricultural Development Bank VANWODS Vanuatu Women’s Development Scheme VCCI Vanuatu Chamber of Commerce and Industry VFSC Vanuatu Financial Services Commission VNPF Vanuatu National Provident Fund VNTC Vanuatu National Training Council VQTS Vanuatu Quality Training Standards VSAT Very Small Aperture Terminal VUV Vanuatu Vatu PACIFIC FINANCIAL INCLUSION PROGRAMME 1 Table of Contents 1. EXECUTIVE SUMMARY 4 2. BACKGROUND AND INTRODUCTION 5 3. APPROACH AND METHODOLOGY 5 4. THE SETTING FOR FINANCIAL SERVICES IN VANUATU 6 4.1 COUNTRY PROFILE 6 4.2 NATIONAL POLICIES FOR POVERTY ALLEVIATION & ECONOMIC DEVELOPMENT 8 4.2.1 THE MILLENNIUM DEVELOPMENT GOALS (MDGS) 8 4.2.2 THE NATIONAL DEVELOPMENT PLANS AND THEIR IMPLEMENTATION 8 4.2.3 POLICIES AND LEGISLATION FOR AN ENABLING PRIVATE SECTOR ENVIRONMENT 9 4.2.4 LEGISLATION AND REGULATIONS FOR THE FINANCIAL SYSTEM 9 4.3 THE ROLE AND CONTRIBUTION OF MICROFINANCE 10 4.4 THE SUPPORT INFRASTRUCTURE FOR THE FINANCE SECTOR 11 4.5 THE FUNDERS OF PRIVATE SECTOR DEVELOPMENT AND FINANCE 13 5. THE DEMAND FOR FINANCIAL SERVICES 15 5.1 SIZE AND COMPOSITION OF THE MARKET 15 5.1.1 THE DEMAND FOR SAVINGS SERVICES 16 5.1.2 THE DEMAND FOR CREDIT 17 5.1.3 THE DEMAND FOR INSURANCE SERVICES 18 5.1.4 THE DEMAND FOR OTHER FINANCIAL SERVICES 19 6. THE SUPPLY OF FINANCIAL SERVICES 19 6.1. THE STRUCTURE OF THE SUPPLY MARKET 20 6.2 THE KEY SUPPLIERS – OUTREACH AND PERFORMANCE 20 6.2.1 FORMAL FINANCIAL SERVICE PROVIDERS 20 6.2.2 SPECIALIZED MICROFINANCE PROVIDERS 25 6.2.3 SAVINGS AND CREDIT COOPERATIVES 27 6.3 RANGE OF PRODUCTS AND SERVICES 29 6.3.1 LOAN PRODUCTS 29 6.3.2 SAVINGS PRODUCTS 29 6.3.3 OTHER FINANCIAL SERVICES 30 7. CONSTRAINTS 31 7.1 CONSTRAINTS IN THE ENABLING ENVIRONMENT 32 7.2 CONSTRAINTS IN THE SUPPORT INFRASTRUCTURE 32 7.3 CONSTRAINTS FOR FSP’s TO EXPAND THEIR SERVICES 32 8. OPPORTUNITIES FOR THE FUTURE 33 8.1 OPPORTUNITIES FOR FINANCIAL INSTITUTIONS 34 8.2 OPPORTUNITIES FOR GOVERNMENT POLICY MAKERS 35 8.3 OPPORTUNITIES FOR DONOR AGENCIES 36 9. PERSONS CONSULTED 37 2 PACIFIC FINANCIAL INCLUSION PROGRAMME Figures Figure 1: Map of Vanuatu iv Figure 2: Financial Service Sector Providers at a Glance 4 Figure 3: Real GDP Growth, Inflation and Population Growth from 2006-2010 7 Figure 4: Breakdown of Principal Exports 7 Figure 5: IFC 2011 Doing Business Ranking for Vanuatu 9 Figure 6: Mobile Phone Penetration 12 Figure 7: Official Overseas Development Assistance (millions of US$/year) 13 Figure 8: Usage of Bank Accounts in Vanuatu 16 Figure 9: The Demand for the Big Three Financial Services in Vanuatu 16 Figure 10: Value of Savings not being collected 17 Figure 11: Household Main Sources of Income in Urban & rural Areas 17 Figure 12: Value of Potential Lending Market 18 Figure13: Ranking of Social Security Needs from ILO 2006 18 Figure 14: Assets by Institution Type 19 Figure 15 : Commercial Bank Outreach 20 Figure 16: Deposit & Lending Rates 2005-2010 29 Figure 17: The Prevalence of Insurance Policy by Sector 30 Figure 18: The Cost of Sending International Remittances 30 Figure 19: The Cost of Sending Domestic Remittances 31 Figure 20: Analysis of Policy Implications for different Constraints to Access 31 Figure 21: SWOT Analysis of Financial Inclusion in Vanuatu 33 Figure 22: Average monthly income by cash crop 45 Figure 23: The percentage of Households by Province growing Specific cash crops 45 Figure 24: Global Estimates of Demand for the Big Three Financial Services 46 Appendix Appendix 1: A list of Microdeposit Products Available 39-40 Appendix 2: A list of Microcredit Products Available 41-42 Appendix 3: Description of Cooperatives and Credit Unions Visited 43 Appendix 4: A Mobile Money Ecosystem for Education 44 Appendix 5: Demand Estimates for Financial Services 46-47 PACIFIC FINANCIAL INCLUSION PROGRAMME 3 1. EXECUTIVE SUMMARY Financial services in Vanuatu are highly concentrated in the two urban areas of Port Vila and Luganville, and dominated by four commercial banks, a superannuation fund, and four domestically licenced general insurers. Of these stakeholders, only the National Bank of Vanuatu (NBV) is providing services on any scale to low income clients. These services are complement- ed by the two much smaller semi-formal providers, Vanuatu Women’s Development Scheme (VANWODS) and the Depart- ment of Cooperatives Figure 2: Financial Service Sector Providers at a Glance Financial Service Providers at a Glance · Four Commercial Banks (ANZ, Westpac, BRED, NBV) · Four Domestically Licensed General Insurers (7 More licensed off-shore) · One Government Funded Agricultural Development Bank (VADB) · One Pension Fund (VNPF) · One Microfinance Institution (VANWODS) · Three For Profit Lenders (Melanesian, MAAW, CreditCorps) · One Registered Credit Union (V-One) · 75 Savings & Loan Societies · Five Licensed Insurance Brokers · Three
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