Vodafone’s M-PAiSA mobile wallet is now fully integrated into Fiji’s national payment system, as announced by Reserve Bank of Fiji Governor Ariff Ali this morning. Shailendra Prasad, Head of Vodafone’s Digital Financial Services and eCommerce, stated that this milestone represents a new era of financial inclusion and accessibility through an integrated financial system.
For M-PAiSA users, this integration means the ability to transfer funds in near real-time between their banks and M-PAiSA. This completes the transfer loop between banks and M-PAiSA, covering all commercial banks, including ANZ, Baroda, Bred, BSP, HFC, and Westpac. Users can easily transfer funds via their bank’s app or internet banking, and for transfers from M-PAiSA to banks, they can use the M-PAiSA app to add beneficiary details.
The launch of the National Payment System reflects the collective efforts of financial institutions to empower citizens and promote economic prosperity for all Fijians, despite geographic challenges. When M-PAiSA was introduced in 2010, 45 percent of Fijians were unbanked or underbanked; this number has now dropped to around six percent, with the current announcement expected to further enhance financial inclusion.
The connection of M-PAiSA to the National Payment System is seen as a transformative step towards a cashless society, creating a more inclusive financial ecosystem. It empowers individuals to save and invest, laying the foundation for a brighter future. The digital trail of each transaction will help financial institutions understand customer spending habits, improving credit profiling and increasing loan accessibility for those in need.
Overall, this integration is expected to improve the flow of funds within the economy and stimulate economic activity. As Fiji moves forward, this opportunity for enhanced financial inclusion is viewed as a catalyst for positive change, aiming to build a future where all Fijians can thrive.