Vodafone’s M-PAiSA mobile wallet has been fully integrated into the national payment system managed by the Reserve Bank of Fiji. This announcement was made by Reserve Bank of Fiji Governor Ariff Ali earlier today.
Shailendra Prasad, Head of Vodafone’s Digital Financial Services and eCommerce, described the integration as a significant milestone that signals a new era for financial inclusion and access through an integrated and interoperable financial system. He emphasized that this achievement reflects Vodafone’s dedication over the years to delivering innovative financial solutions to customers.
For M-PAiSA users, this development allows for nearly real-time money transfers between their banks and M-PAiSA. This integration completes the cycle for transferring funds between banks and M-PAiSA, encompassing all major commercial banks including ANZ, Baroda, Bred, BSP, HFC, and Westpac.
Users can transfer funds to M-PAiSA by using their bank’s app or internet banking, while sending money from M-PAiSA to a bank involves selecting the “Bank” icon in the M-PAiSA app, entering beneficiary details, and following the necessary procedures.
The launch of the National Payment System reflects the concerted efforts of various financial stakeholders to provide empowerment and economic opportunity for all Fijians, thereby promoting equal access despite challenges posed by geographic isolation.
Since the introduction of M-PAiSA in 2010, the financial inclusion landscape has markedly improved—from a time when 45 percent of Fijians were unbanked or underbanked to an approximate 6 percent today. This announcement is anticipated to further decrease the unbanked population as efforts continue towards achieving universal access.
With banks already linked to the National Payment System and growing acceptance of mobile wallets, Fiji is moving towards a cashless society. This interconnectedness will facilitate a more inclusive and efficient financial ecosystem.
Connecting M-PAiSA to the National Payment System is expected to have significant effects, empowering individuals to save and invest, thereby improving their futures and those of their families. The creation of a digital transaction trail will also offer financial institutions insight into individual saving and spending patterns, enabling better credit profiling, which contributes to a more equitable credit market and greater loan accessibility.
Additionally, this connection is set to enhance the flow of funds within the economy, boosting economic activity through the multiplier effect. As Fiji progresses, the focus will be on seizing this opportunity to bolster financial inclusion, stimulate economic growth, and improve the overall quality of life for all its citizens.
The National Payment System represents more than just technological advancement; it serves as a catalyst for positive change, paving the way for a Fiji where everyone has the chance to prosper.