One-third of Adults in Vanuatu Are Financially Excluded

Date: 
18 May 2017

A consumer survey conducted last year on the demand for financial services in Vanuatu found that 32% of Ni-Vanuatu adults are completely excluded from financial services. The Financial Services Demand Side Survey Vanuatu also reported that a further 21% only access informal financial service instruments such as savings clubs, shop credit, moneylenders, or hire purchases, while 37% of Ni-Vanuatu adults have a bank account. 

The Honourable Joe Natuman, Deputy Prime Minister and Minister of Trades, Tourism, Commerce & Ni-Vanuatu Business launched the publication at the Economic Symposium held by the Reserve Bank of Vanuatu (RBV) in Port Vila.

The report provides a comprehensive picture of access and usage of financial services in Vanuatu from a consumer perspective, garnering insights into the financial needs of Ni-Vanuatu as well as establishing baseline information on access, usage and quality of the financial services currently available. According to the nationally representative survey conducted in June 2016, Ni-Vanuatu adults more likely to be financially excluded are low-income earners, women, those who earn income from agriculture and those from rural areas.

Hon. Natuman said “this report is an important tool for the Government and other stakeholders to promote financial inclusion as part of an equitable, inclusive economic environment, in the interest of including all citizens of Vanuatu in sustainable economic growth to improve their well-being.

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Country: 
Vanuatu