Vodafone’s M-PAiSA mobile wallet is now fully integrated with Fiji’s national payment system, a development announced by Reserve Bank of Fiji Governor Ariff Ali. Shailendra Prasad, Head of Vodafone’s Digital Financial Services and eCommerce, stated that this integration represents a significant milestone for financial inclusion and accessibility in Fiji.
This achievement allows M-PAiSA users to transfer funds in near real-time between their banks and M-PAiSA accounts, effectively closing the transfer loop and involving all commercial banks, including ANZ, Baroda, Bred, BSP, HFC, and Westpac. Users can transfer funds to M-PAiSA through their bank’s app or internet banking by following the necessary steps, while transferring from M-PAiSA to a bank involves selecting the “Bank” icon on the M-PAiSA app and adding the beneficiary details.
The launch of the National Payment System reflects the collective efforts of financial institutions to enhance economic prosperity and empower citizens across Fiji, regardless of geographical challenges. Since the introduction of M-PAiSA in 2010, financial inclusion has significantly improved, with the percentage of unbanked or underbanked Fijians dropping from 45% to an estimated 6%. This latest development is expected to further decrease this figure as the goal of universal access is pursued.
With banks connected to the National Payment System and increasing mobile wallet adoption, Fiji is shifting towards a cashless economy. This interconnected system is expected to create a more inclusive financial ecosystem. The integration of M-PAiSA with the National Payment System will empower individuals to save, invest, and secure a better future while providing financiers with valuable insights into saving and spending habits. This, in turn, will encourage a more transparent credit market and improve access to loans.
The efficient flow of funds enabled by this system is anticipated to stimulate economic activity through a multiplier effect. As Fiji progresses, there is an opportunity to enhance financial inclusion, drive economic growth, and uplift the lives of all Fijians. The National Payment System is not merely a technological advancement but a catalyst for meaningful change, paving the way for a more prosperous future for everyone in Fiji.