The Fiji Revenue and Customs Service (FRCS) has clarified that all cash holdings—including those in e-wallets, bank accounts, and other financial instruments—must be declared if they exceed specified thresholds. This announcement follows a recent session of the Standing Committee, where a Member of Parliament inquired specifically about M-PAISA, a prominent mobile money service in Fiji.
In its response, FRCS confirmed that all assets held through M-PAISA must adhere to existing asset declaration rules, emphasizing that this requirement extends to other e-wallets and digital cash platforms as well, including MyCash, Sole Vision Fintech, and DuaPay. The agency stressed that mentioning M-PAISA during the committee session was a direct response to the query and not an effort to highlight any single provider unjustly.
This initiative is part of a broader effort by the Fijian government to increase transparency and accountability within its financial systems. Previous regulations have mandated that mobile money accounts be treated as assets and reported accurately for tax purposes. Enhancements to financial regulations, such as the requirement for Tax Identification Numbers (TINs) when registering for mobile wallets and conducting transactions, aim to combat tax evasion and improve overall compliance.
The frictionless integration of digital financial services into the formal economy is a key goal for Fiji, as the government seeks to ensure that citizens and businesses contribute fairly to national development. With the transition towards a more regulated financial environment, this initiative lays the groundwork for a sustainable economic future.
As e-wallet usage grows, supported by advancements in financial technology and regulatory frameworks, Fiji is poised for increased accessibility and financial inclusion. Such measures not only foster economic participation but also enhance the quality of life for Fijians, reinforcing a hopeful outlook for the nation’s economic landscape.
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