Vodafone’s M-PAiSA mobile wallet has achieved full integration with the national payment system managed by the Reserve Bank of Fiji.
This announcement was made by Ariff Ali, the Governor of the Reserve Bank of Fiji, earlier today. Shailendra Prasad, the Head of Vodafone’s Digital Financial Services and eCommerce, expressed that this milestone signifies a new era for financial inclusion and accessibility through a seamless financial system.
Prasad emphasized that this accomplishment reflects Vodafone’s dedication to offering innovative financial solutions for its customers over the years. With this integration, M-PAiSA users can now transfer money in near real-time between their banks and M-PAiSA accounts.
This integration facilitates money transfers from banks to M-PAiSA and vice-versa, covering all commercial banks, including ANZ, Baroda, Bred, BSP, HFC, and Westpac. To initiate a transfer to M-PAiSA, users simply need to access their bank’s app or online banking services and follow the provided instructions. Conversely, when transferring from M-PAiSA to a bank, users can select the “Bank” icon in the M-PAiSA app, enter the necessary beneficiary details, and follow the prompts.
The launch of the National Payment System represents a collective effort among financial stakeholders to empower Fijians and promote economic prosperity by ensuring equal access, especially considering the country’s geographic isolation.
Reflecting on financial inclusion since the introduction of M-PAiSA in 2010, the once staggering statistic of 45 percent of Fijians being unbanked or underbanked has dropped significantly, now estimated around six percent. Today’s development is expected to drive further reductions in this rate as efforts continue toward achieving universal access for all.
With banks already linked to the National Payment System and the increasing use of mobile wallets, Fiji is experiencing a significant shift towards a cashless environment. This connectivity lays the foundation for a more inclusive and efficient financial ecosystem.
The integration of M-PAiSA with the National Payment System is anticipated to have a profound impact, empowering individuals to save, invest, and secure a better future for their families. It will generate a digital record of transactions, providing financial institutions insight into individuals’ saving and spending behaviors, thereby aiding in credit profiling and fostering a more transparent credit market.
Furthermore, this will enable a more effective flow of funds within the economy, enhancing overall economic activity. As we move forward, there is an opportunity to further promote financial inclusion, stimulate economic growth, and improve the quality of life for all Fijians.
Ultimately, the National Payment System serves not only as a technological advancement but as a catalyst for meaningful change, enabling the creation of a Fiji where every citizen has the chance to succeed.