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About Microfinance Pasifika

The Microfinance Pasifika Network is an initiative of the Foundation for Development Cooperation. The Microfinance Pasifika Network is an alliance of institutions committed to supporting disadvantaged people in the Pacific to improve their quality of life, through the provision of inclusive and sustainable financial services such as savings, credit, remittances and payment services and insurance.  The Network was formally launched on 16 and 17 of June 2006 in Port Vila, Vanuatu following over a year of consultation led by the Australian-based Foundation for Development Cooperation. 

The creation of the Microfinance Pasifika Network came out as a result of key constraints facing practitioners. These key constraints being:

In this context, one of the primary objectives of the network will be the dissemination of relevant information to assist practitioners and supporters of microfinance operations to increase outreach and better perform.

The Microfinance Pasifika network is distinct from other networks for three main reasons:

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1. Vision Statement

The MF Pasifika Network shall be committed to improving quality of life through the provision of inclusive and sustainable micro financial services, such as savings, credit, remittances and payment services and insurance, to the economically disadvantaged.

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2. Mission

In the pursuit of its vision, MF Pasifika has adopted the following mission:

  1. To strengthen institutions providing microfinance services by improving their efficiency, sustainability and outreach;
  2. To promote the development and delivery of diverse and appropriate microfinance products and services;
  3. To encourage partnerships and links between microfinance stakeholders in the Pacific, and stimulate innovation and creativity.
  4. To promote transparent reporting and best practice in microfinance.
  5. To influence the policies and practices of governments, monetary authorities, financial sector institutions, NGOs and other stakeholders
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3. Objectives

Over the next three years the overriding strategy of MF Pasifika shall be to develop an inclusive microfinance service sector in the Pacific region.

Its objectives are:

  1. Promote an enabling environment for inclusive and sustainable financial services through research and studies and policy and regulatory framework advocacy
  2. Enhance the capacity of microfinance service providers by providing support in areas such as training and capacity building programs
  3. Promote and facilitate the exchange of information across the industry using an annual conference, interactive websites and newsletter, for the development of appropriated practice of microfinance in the region tailored to the needs of the economically disadvantaged
  4. Improve transparency and standards of practice by encouraging network members to update their current microfinance practice in the MF PASIFIKA Network websites and the utilization of external audits, standard reporting, and rating services
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4. Structure & Governance

Currently the members base consists of 21 financial members, including major donors, 10 provisional and 15 associated organisations from across the Pacific; the main composition being made up of NGOs and commercial banks. Countries represented within the membership are: Australia, Federated States of Micronesia, Fiji, New Zealand, Papua New Guinea, Samoa, Tonga and Vanuatu.

Plans for the next 3 years include to have formerly registered 20 active members by 31 December 2006 and approximately 30% growth rate over the next 3 years, aiming for a 95% annual retention rate in members. Included in this is to expand our representation into the Solomon Islands, Tuvalu, Cook Islands, Kiribati, French Polynesia, Marshall Islands, New Caledonia, Tokelau, Northern Marianas and Hawaii by 2009.

The Executive Committee is the governing body of the MF Pasifika Network and has the authority to manage the affairs of the MF Pasifika Network:

The Executive Committee members are:

 

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