The Pacific spans a vast 30 million square kilometres, 14 countries, and represents one of the least banked areas on the planet with nearly 80% of people in the region with no access to formal financial services. Diverse geographies, poor infrastructure, low literacy and subsistence livelihoods all contribute to low financial service participation and mean that millions of people are only transacting in cash.

GSMA mWomen took part in Pacific Microfinance Week (PMFW) in Nadi, Fiji.  The conference – supported by DFAT – Australian Aid, the Pacific Financial Inclusion Program (PFIP), IFC and ADB, focussed on the theme ‘Increasing Access, Enhancing Impact’ with organisations  discussing their experiences and plans for financial inclusion in the Pacific. Organisations such as CGAP, UNCDF, several microfinance organisations, banks, savings clubs and remittance specialists, together with the sponsors, offered a multitude of diverse perspectives on the journey to financial inclusion and independence across the region.

In the session ‘Understanding customers and their needs’ GSMA mWomen discussed the theme of ‘Increasing women’s access to mobile and financial services. Globally women are 21% less likely to own a mobile phone than men. In PNG, women are less likely to ownany type of financial product than men, and in Fiji, only 30% of women own a bank account compared to 45% of men.  This is due to many reasons – low perceived value or trust, onerous registration processes, literacy challenges, infrastructural issues and low density of agent networks.  Overcoming these barriers is of key importance, and Mobile Financial Services (MFS) offers a well-documented contribution to women’s improved livelihoods and empowerment in many other geographies. Earlier this year, GSMA mWomen released a report on Women and Mobile Financial Services in Emerging Markets. This study revealed that when considering financial services, women look for solutions that offer convenience, reliability, security and privacy – qualities offered by the ubiquitous mobile phone.

The Pacific region offers an exceptional opportunity for operators, banks, NGOs and governments to address the needs of women through mobile financial services.  However, the barriers to adoption for women remain high.  PMFW allowed stakeholders to come together to discuss and debate these issues and find  solutions for women in this region.