Vodafone’s M-PAiSA mobile wallet has now been fully integrated into the national payment system managed by the Reserve Bank of Fiji. This significant announcement was made by the Governor of the Reserve Bank of Fiji, Ariff Ali, earlier today.
Shailendra Prasad, the Head of Vodafone’s Digital Financial Services and eCommerce, expressed that this milestone represents a new era for financial inclusion and accessibility through a fully integrated and interoperable financial system. He noted that the development is the result of years of dedication to delivering innovative financial solutions to customers.
For M-PAiSA users, this integration facilitates near real-time money transfers between their banks and the M-PAiSA wallet. This closing of the financial loop means users can now easily move funds to and from a variety of commercial banks, including ANZ, Baroda, Bred, BSP, HFC, and Westpac.
Customers wishing to transfer funds into M-PAiSA will need to use their bank’s app or internet banking and follow the provided instructions. To transfer money from M-PAiSA to a bank, users can select the “Bank” icon within the M-PAiSA app, input the beneficiary information, and follow the necessary steps.
The launch of the National Payment System showcases the collective resolve of all financial entities to empower citizens and promote economic prosperity among all Fijians, particularly considering the challenges posed by geographic isolation.
When M-PAiSA was introduced in 2010, about 45% of Fijians were considered unbanked or underbanked; however, that figure has dramatically fallen to approximately 6% according to recent estimates. Today’s development is anticipated to further reduce this number as efforts continue toward achieving universal financial access.
With the connection of banks to the National Payment System and the increasing use of mobile wallets, Fiji is experiencing a transformative shift towards a cashless society, paving the way for a more inclusive and efficient financial environment.
Connecting M-PAiSA to the National Payment System is expected to have significant repercussions, allowing individuals to save, invest, and improve their future prospects. The digital footprint created by these transactions will provide financial institutions valuable insights into consumer saving and spending patterns, enhancing credit profiling and accessibility to loans for those who need them.
This initiative is also set to foster a more efficient movement of funds within the economy, promoting greater economic activity through a multiplier effect. As the country moves forward, there is a strong call to take advantage of this opportunity to promote financial inclusion, stimulate economic growth, and enhance the quality of life for all Fijians.
The National Payment System represents not just a technological progression, but also a catalyst for positive transformation. Together, there is potential to build a Fiji where everyone has the opportunity to succeed.