Vodafone’s M-PAiSA mobile wallet has now been fully integrated into the national payment system overseen by the Reserve Bank of Fiji. The announcement was made by Reserve Bank of Fiji Governor Ariff Ali this morning.
Shailendra Prasad, the head of Vodafone’s Digital Financial Services and eCommerce, stated, “Today marks a significant milestone as we enter into a new era for financial inclusion and accessibility through an integrated and interoperable financial system.” This achievement for M-PAiSA represents years of dedication to delivering innovative financial solutions to customers.
Practically, this means M-PAiSA users can transfer money in near real-time between their banks and M-PAiSA and vice versa. The integration facilitates seamless money transfers from banks to M-PAiSA and back, involving all commercial banks, including ANZ, Baroda, Bred, BSP, HFC, and Westpac.
To transfer money to M-PAiSA, users can log into their bank’s app or internet banking and follow the designated steps. For transfers from M-PAiSA to a bank, users can click the “Bank” icon in the M-PAiSA app, enter beneficiary details, and proceed through the steps.
The establishment of the National Payment System underscores the joint effort of all financial stakeholders to empower citizens and promote economic growth across Fiji, ensuring equal access regardless of geographic challenges.
Reflecting on financial inclusion since the introduction of M-PAiSA in 2010, the reduction of the previously significant number of unbanked or underbanked Fijians from 45 percent to an estimated six percent today is noteworthy. This latest development is expected to further diminish that percentage as the goal of universal access continues.
With banks already linked to the National Payment System and the increasing adoption of mobile wallets, Fiji is witnessing a major transition toward a cashless society. This interconnectedness establishes the foundation for a more inclusive and efficient financial ecosystem.
The integration of M-PAiSA into the National Payment System is set to have extensive benefits, enabling individuals to save, invest, and enhance their futures. By creating a digital record of transactions, it will provide financial institutions with insights into individuals’ saving and spending behaviors, which can aid in credit profiling, promote transparency in credit markets, and make loans more accessible to those in need.
This system will also facilitate a more efficient flow of funds, stimulating economic activity through the multiplier effect. As Fiji moves forward, there is a collective encouragement to seize the opportunity to boost financial inclusion, spur economic growth, and enhance the lives of all citizens. The National Payment System is not merely a technological upgrade but a catalyst for meaningful change, aiming for a Fiji where everyone has the chance to prosper.