Personal remittances inflows for the first quarter of 2024 increased by 14.2 percent, reaching $310.5 million. In comparison, the same quarter in 2023 recorded $271.8 million in remittances, driven by mass emigration and easier means of sending money back home, according to the Westpac Fiji quarterly economic update released this week.
Westpac Fiji senior economist Shamal Chand stated that mobile digital wallets have now become more prevalent than money transfer operators (FX Dealers). He noted that the share of remittances sent through mobile digital wallets increased to an average of 43.6 percent during the first quarter of this year, compared to 37.7 percent previously held by money transfer operators. Additionally, the share of remittances sent through commercial banks decreased 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 approximately $33.9 million back to their home countries last year, comprising $17.1 million in compensation of employees and $16.8 million in personal transfers.