i have attempted to set out today the broad themes which have guided the liberalization / reform agenda for financial markets. the recent changes are aimed at enabling financial markets to enhance allocational efficiency in the use of resources and thereby contribute to economic development. with this freedom comes responsibility. the achievement of desired outcomes is contingent on financial institutions and market participants taking forward the reform agenda so that we have vibrant financial markets and efficient financial intermediation. the simplification and flexibility provided in the regulations must reach the end - user. in designing new products and new market segments, risk management systems and responsible market conduct should evolve in tandem as we open up to global players. market participants and their associations including fedai will have to play a critical role in this. 5 / 5 bis central bankers'speeches

bank of fiji has been at the forefront of developments of microfinance initiatives in fiji. but i am also deeply proud of the goodwill of all our fellow stakeholders who have come forward in a great partnership at the national level to drive our financial inclusion programs. at the bank we continue to encourage the financial services providers such as the commercial banks and microfinance institutions, not to just look at the extension of credit as a means of expanding economic opportunities. we would like them to seriously consider viable partnerships, synergies and developing innovative products and services. bis central bankers ’ speeches in recent years, microfinance providers here in fiji have expanded their services to deliver financial education and training, entrepreneurial training, micro - insurance and various other services to budding entrepreneurs. the goals of these supplementary activities are twofold : firstly to improve the survival rate of the borrowers ’ start - up businesses and secondly to mitigate credit risks for the lender. ladies and gentlemen, i want to affirm the important role that microfinance plays in creating opportunities for those who most need them, allowing our small entrepreneurs the ability to create a viable business. successful microbusinesses provide jobs as well as valuable products and services to their communities. what is clear is that microfinance, and financial inclusion in general, has grown and adapted considerably during its short history in fiji. in 2010 we set ourselves a target of reaching 150, 000 unbanked fijians by the end of this year and we celebrated achieving that target well ahead of schedule in march. i hope that our entrepreneurs and service providers will sustain their energetic spirit of innovation and experimentation as they strive to become more self - sufficient and adapt to our ever - changing economy. concluding statements ladies and gentlemen, it is difficult for one organisation to run these microfinance awards on its own. we are therefore extremely grateful that our supporting partners from the inaugural awards have again stepped forward this year. so thank you very much to the pacific financial inclusion programme and the life insurance corporation of india. the reserve bank acknowledges your continuous support towards our financial inclusion initiatives and we look forward to yet another exciting event this year. the microfinance awards categories remain as follows : category 1 – best microfinance entrepreneur ( individual ) ; category 2 – best microfinance entrepreneur ( partnership ) ; and category 3 – best microfinance service provider. the awards ceremony is scheduled for the 6th of november 2014 and i understand that nominations are now being accepted. i wish this