Personal remittances inflows for the first quarter of 2024 grew by 14.2 percent to $310.5 million.
In the same quarter in 2023, a total of $271.8 million in remittances was recorded, supported by mass emigration and ease in sending money back home, according to the Westpac Fiji quarterly economic update released this week.
Westpac Fiji senior economist Shamal Chand said mobile digital wallets had taken the center stage over money transfer operators. He stated that the share of remittances sent through mobile digital wallets had increased to an average of 43.6 percent during the first quarter this year, compared to a 37.7 percent share held by money transfer operators. He added that remittances sent through commercial banks as a share had fallen to 18.7 percent.
“We anticipate an overall positive outlook for remittances in the near term,” Mr. Chand said.
Meanwhile, non-residents working in Fiji remitted around $33.9 million back to their home country last year, which comprised $17.1 million in compensation of employees and $16.8 million in personal transfers.