A National Financial Inclusion Strategy (NFIS) or action plan to deliver financial services at affordable costs to Tongans is being developed by the Pacific Financial Inclusion Programme (PFIP) and the National Reserve Bank of Tonga (NRBT) for the first time.

What this means is that individuals and businesses will be able to access more affordable financial products and services from the likes of banks (e.g. transaction accounts), insurance companies and accounting companies.

The NRBT and PFIP are currently undertaking extensive consultations with government agencies, the private sector, financial service providers and non-profit organizations to develop the strategy, which will end on Friday 27 January 2017.

Some financial service areas that need more attention have been identified in a demand side survey conducted last year by the NRBT, PFIP and the Bankable Frontier Association.

The results will form the basis of the Financial Inclusion Strategy designed to fit sections of disadvantaged and low-income segments of society. It will include financial literacy and consumer protection for Tongans.

A National Committee for Financial Inclusion in Tonga will be established to decide on a model to implement the NFIS including action plans and targets.

The NFIS is seen as an important enabler to reduce poverty and boost prosperity and is promoted by the World Bank universally. It will complement Tonga’s current Strategic Development Framework focused on strengthening Tonga’s economic institutions. This ties in with the United Nations Sustainable Development Goals (SDGs), supporting 7 of the 17 SDGs aimed at "ending poverty, protecting our planet, and ensuring prosperity for all."