Mobile wallet users in Fiji will now face enhanced regulatory requirements to continue utilizing the M-PAiSA service. A directive from the Financial Intelligence Unit mandates that financial service providers, including mobile wallets, execute reinforced Customer Identification and Verification (CIDV) measures for all accounts.
Effective from September 15th, existing and aspiring M-PAiSA users will be required to furnish personal information that will be validated against an official identification document. Those who fail to comply with these CIDV standards will see their balance limit halved, reduced from $10,000 to $5,000. While these accounts will remain operational, additional restrictions regarding the types, amounts, and frequencies of transactions may be enforced.
Vodafone Fiji pointed out that although some data may have been collected during prior M-PAiSA and SIM registrations, fresh information is now required to maintain service eligibility. Users can simplify the update process through the M-PAiSA app which must be upgraded to specific new versions for Android and iPhone.
The revised regulations also state that individuals can maintain only two M-PAiSA accounts moving forward. Users with more than two accounts must consolidate their holdings by the September 15th deadline or risk having excess accounts deactivated. However, they will still be able to withdraw or transfer funds from restricted accounts, but cannot add new funds to such accounts.
This latest set of regulations follows a previous announcement regarding the Tax Identification Number (TIN) requirement, which also comes with a compliance deadline of December. Given the changes and the upcoming deadlines, M-PAiSA users are encouraged to act promptly to avoid any additional service disruptions.
The regulatory adjustments reflect ongoing efforts to broaden financial inclusion in Fiji, which has made significant progress in recent years. The integration of M-PAiSA into Fiji’s national payment system and the introduction of these regulations signify a continuing commitment to enhance financial accessibility and transparency.
Overall, as Fiji navigates these regulatory changes, it underscores the importance of robust financial systems that empower citizens while aiming to advance economic prosperity and inclusion for everyone.
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