A National Financial Inclusion Taskforce has been established under the Reserve Bank of Fiji that will guide and monitor the development of greater financial inclusion in Fiji.

RBF Governor Sada Reddy said financial inclusion is an important framework for addressing poverty alleviation and economic development and this includes providing opportunities for unemployed individuals or families to set up micro businesses, which would create employment and provide income to support their families.

Reddy said the RBF is committed to the development of the micro finance sector and ensuring access to financial services, or financial inclusion for all segments of society.

In December last year, the RBF issued microfinance policy guidelines for the establishment of microfinance units by commercial banks.

The National Financial Inclusion task force, which will initially be chaired by the RBF Governor will be tasked to drive the monitor financial inclusion strategies over the next five years and target to reach out to around 150,000 new clients.

The 11 member Taskforce will hold its first meeting this Wednesday and will comprise at least four private sector representatives.