32% of the population of the Solomon Islands had access to the internet at the beginning of 2022.
No Open Banking
26% of adults in the Solomon Islands have bank accounts, leaving 74% unbanked. Only 20% of adult women have a commercial bank account compared to 32% of males.
The government is prioritising efforts to provide accessible banking and credit access in the Solomon Islands. The Solomon Islands National Financial Inclusion Strategy 2016-2020 (NFIS) aimed for financial inclusion. In addition, The Solomon Islands Government launched the Women’s Financial Inclusion in the Solomon Islands which focuses on empowering women to realise their full potential, importance, and status, and be increasingly recognised and heard in Solomon Islands society.
According to the International Monetary Fund (IMF), Fintech could potentially allow Pacific island countries to alleviate the impact of structural impediments and persistent challenges, such as geographic remoteness and dispersion, small scale, limited infrastructure, and fragile correspondent banking relationships. Fintech solutions can complement existing efforts to promote financial inclusion, enhance financial sector development, and increase inclusive growth potential, thereby reducing poverty.