12 May 2015

Pacific banks combine to help Islanders

10:52 am on 12 May 2015

A Pacific Islands Regional Initiative aimed at increasing financial inclusion in the Pacific Islands is being launched this week.

The project involves Banco Central de Timor-Leste, Bank of Papua New Guinea, Central Bank of Samoa, Central Bank of Solomon Islands, National Reserve Bank of Tonga, Reserve Bank of Fiji and Reserve Bank of Vanuatu.

Pan Oceanic Bank in Solomon Islands

Customers line up in a bank in Solomon Islands Photo: Supplied

The Pacific region has one of the highest 'unbanked' rates in the world, with an estimated 80 per cent of low income earners in the Pacific without any access to financial services.

The Pacific Islands Regional Initiative will bring Pacific Island financial regulators together to discuss financial inclusion.

They will also look at how to create conditions that lead to the financial empowerment of Pacific Islanders.