Vodafone’s M-PAiSA mobile wallet has officially been integrated into Fiji’s national payment system, which is overseen by the Reserve Bank of Fiji. This announcement was made by the Reserve Bank of Fiji Governor, Ariff Ali.
Shailendra Prasad, who heads Vodafone’s Digital Financial Services and eCommerce, remarked that this integration marks a major milestone in enhancing financial inclusion and accessibility through a more integrated and interoperable financial system. Prasad emphasized that this development is the result of years of dedication to offering innovative financial solutions to customers.
With this integration, M-PAiSA users can now transfer money in near real-time between their banks and M-PAiSA. This effectively facilitates the movement of funds between banks and the M-PAiSA platform, covering 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 service, while transferring from M-PAiSA to a bank account involves selecting the “Bank” icon on the M-PAiSA App, providing beneficiary details, and following the necessary steps.
The launch of the National Payment System reflects a shared commitment among financial stakeholders to empower citizens and promote economic prosperity for all Fijians by ensuring equal access, regardless of geographic challenges. The introduction of M-PAiSA in 2010 was a significant step toward addressing financial inclusion; the previously daunting statistic of 45% of Fijians being unbanked or underbanked has drastically improved, now estimated to be around 6%. Today’s announcement is anticipated to contribute further to this progress, moving closer to universal access.
As banks are already connected to the National Payment System and mobile wallet use is expanding, Fiji is seeing a shift towards a cashless society. This interconnected system will pave the way for a more inclusive and efficient financial environment.
Connecting M-PAiSA to the National Payment System is expected to have extensive benefits, enabling users to save, invest, and secure a better future for themselves and their families. The creation of a digital transaction trail will provide financial institutions with insights into personal spending and saving habits, aiding in credit profiling and fostering a more equitable lending landscape. This will ultimately lead to a more efficient flow of funds in the economy, stimulating additional economic activity.
As Fiji moves forward, there is an opportunity to further enhance financial inclusion, stimulate economic growth, and improve the quality of life for all Fijians. The National Payment System represents not merely a technological advancement but a catalyst for meaningful change, working towards a Fiji where everyone can achieve their full potential.