Vodafone’s M-PAiSA mobile wallet has achieved full integration with the national payment system managed by the Reserve Bank of Fiji. This development was announced by Ariff Ali, the Governor of the Reserve Bank of Fiji, this morning.
Shailendra Prasad, head of Vodafone’s Digital Financial Services and eCommerce, remarked that this significant milestone marks the beginning of a new era in financial inclusion and accessibility through an integrated and interoperable financial system. He noted that this achievement represents years of effort towards providing innovative financial solutions to customers.
For M-PAiSA users, this integration means they can now transfer money in near real-time between their bank accounts and M-PAiSA, and vice versa, connecting all commercial banks including ANZ, Baroda, Bred, BSP, HFC, and Westpac.
To transfer funds to M-PAiSA, users can utilize their bank’s app or internet banking by following the provided steps. Similarly, to transfer money from M-PAiSA to a bank, users can select the “Bank” icon on the M-PAiSA app, input beneficiary details, and complete the process.
The launch of the National Payment System symbolizes the collective effort of financial institutions to empower citizens and drive economic success for all citizens of Fiji, ensuring equal access despite geographic challenges.
Reflecting on financial inclusion since the introduction of M-PAiSA in 2010, the once high percentage of 45 percent of Fijians being unbanked or underbanked has drastically decreased to around six percent, with today’s announcement expected to further this progress in the pursuit of universal access.
As banks become interconnected through the National Payment System and mobile wallets gain widespread usage, Fiji is moving towards a cashless society. This integration aims to create a more inclusive and efficient financial ecosystem.
Connecting M-PAiSA to the National Payment System is expected to have significant repercussions, empowering individuals to save, invest, and secure a better future for themselves and their families. Additionally, the digital record of transactions will provide lenders with insights into individuals’ financial behaviors, thus promoting a more transparent credit market and making loans more accessible to those in need.
This advancement will enhance the flow of funds within the economy, encouraging greater economic activity. As Fiji progresses, embracing this opportunity for increased financial inclusion, economic growth, and improved living standards for all citizens is essential. The National Payment System is not merely a technological upgrade; it serves as a catalyst for significant positive change, aiming to create an environment where everyone has the chance to prosper in Fiji.