14th October, 2024
Vodafone’s M-PAiSA mobile wallet is now fully integrated to the national payment system operated by the Reserve Bank of Fiji. The announcement was made by the Governor of the Reserve Bank of Fiji this morning.
Head of Vodafone’s Digital Financial Services and eCommerce, Mr. Sailendra Prasad said, “today marks a significant milestone as we enter into a new era for financial inclusion and accessibility through an integrated and interoperable financial system”
For Vodafone M-PAiSA, this achievement is a culmination of years of commitment to providing innovative financial solutions to our customers. In practical terms, what this means for M-PAiSA Users is that they will now be able to transfer money in near real time from their banks into M-PAiSA and vice-versa. It closes the loop for transfer of money from banks to M-PAiSA and M-PAiSA to banks. It covers all commercial banks - ANZ, Baroda, Bred, BSP, HFC and Westpac. To transfer to M-PAiSA, you will need to access your banks App or internet banking and follow the steps. To transfer from M-PAiSA to Bank, you can select the “Bank” icon on the M-PAiSA App, add beneficiary details and follow the steps.
The launch of the National Payment System is a testament to the collective determination of all financial players to empower our citizens and drive economic prosperity for all Fijians through equal access notwithstanding the geographic isolation.
Reflecting back on the status of financial inclusion when we introduced M-PAiSA in 2010, it's quite an achievement when the once daunting statistic of 45% of Fijians being unbanked or underbanked is now a relic of the past. Recent estimate puts this percentage to around 6% and today’s announcement is expected to further reduce this as we pursue the dream universal access, leaving no one behind. With banks already connected to the National Payment System and the widespread adoption of mobile wallets, we're witnessing a transformative shift towards a cashless society. This interconnectedness lays the groundwork for a more inclusive and efficient financial ecosystem.
Connecting M-PAiSA to the National Payment System will have far-reaching impact. It will empower individuals to save, invest, and build a brighter future for themselves and their families. By creating a digital trail of each transaction, it will provide financiers an insight into a person’s saving and spending habits and thus their help in their credit profiling, fostering a more transparent and equitable credit market, making loans more accessible to those who need them
It will also enable more efficient flow of funds in the economy, generating more economic activity through the multiplier effect.
| For further information contact: | |
|---|---|
| Manager: Sponsorship | Head of E-Commerce |
| adriu.vakarau@vodafone.com.fj | shailendra.prasad@vodafone.com.fj |
