PIRI was created at the 2014 Global Policy Forum (GPF) in Trinidad and Tobago and officially launched the following year in Dili, Timor-Leste, with the vision of making financial services accessible to all Pacific Islanders. The region faces access challenges due to factors including geographically dispersed islands, small populations and limited banking infrastructure.

The initiative invites member institutions to share in a common vision while working toward ensuring that financial services are widely accessed throughout the region. With PIRI, AFI has created a unique model of south-south engagement and peer learning that aims to provide all low-income Pacific Islanders with access to formal and informal financial services.

PIRI has five objectives: remove policy barriers to improve access; use technology for financial service provision and access; empower and protect through financial literacy and education; collaborate with stakeholders to advance financial inclusion in the region; and use data for smart policymaking and monitoring.