Mobile wallet users in Fiji will now face new regulatory requirements to continue utilizing M-PAiSA services. According to guidelines set by the Financial Intelligence Unit, financial service providers, including mobile wallet platforms, are required to enact enhanced Customer Identification and Verification (CIDV) measures for every account, which impacts both current and future users.
As part of these guidelines, users of M-PAiSA must submit personal information that will be validated against an official ID. This new compliance is set to take effect, and from September 15th, M-PAiSA accounts that do not meet the CIDV standards will see their balance limit cut from $10,000 to $5,000. Although these accounts will remain operational, additional limitations on transaction types, amounts, and frequencies may be enforced.
Vodafone Fiji has indicated that while some personal information may have been previously collected during SIM and M-PAiSA registrations, users are now required to provide updated details to maintain service access. Furthermore, smartphone users can conveniently update their information via the M-PAiSA app, which needs to be updated to specific versions depending on the device used.
The new regulatory framework is aimed at cash management and financial transparency, requiring customers from informal sectors, such as farmers and fishermen, who may not have all the necessary identification documents, to submit alternative verification options, including reference letters.
Additionally, the updated regulations stipulate that individuals can only register and maintain a maximum of two M-PAiSA accounts. Users with more than two accounts must consolidate them by the deadline to avoid closure of excess accounts. After September 15th, 2025, service will only be available for the two most recently active accounts, although funds in restricted accounts can be accessed.
This regulatory shift follows a trend toward greater financial inclusion highlighted by the recent integration of M-PAiSA into Fiji’s national payment system, which enhances access and interoperability. Historical data shows that since the introduction of M-PAiSA in 2010, the number of unbanked Fijians has significantly decreased, fostering a more accessible financial environment.
Fiji’s trajectory towards a cashless society is supported by these developments, marking a positive step for the future of financial services in the region. As Fiji navigates these changes, the focus remains on empowering citizens, ensuring financial inclusion, and promoting economic prosperity for all, reflecting a commitment to harnessing technology for societal benefit.
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