RBF

Mobile money payments have increased from around $100M in 2016 to more than $700M in the first 10 months of 2021 – RBF Governor
Personal remittances has been Fiji’s largest foreign exchange earner for 2020 and 2021

Mobile money payments have increased from around $100M in 2016 to more than $700M in the first 10 months of 2021 – RBF Governor

Personal remittances has been Fiji’s largest foreign exchange earner for 2020 and 2021

By Vijay Narayan
Wednesday 15/12/2021
Governor of the Reserve Bank of Fiji Ariff Ali .

 The Governor of the Reserve Bank of Fiji, Ariff Ali says mobile money payments have increased from around $100 million in 2016 to more than $700 million in the first 10 months of 2021.

While speaking at the 23rd Attorney General’s Conference on the topic Digital Payments Reform – Understanding the National Payment System, Ali says the public’s confidence in mobile money wallets has improved significantly and this is reflected in customers depositing over $130 million in their mobile wallets so far this year from less than $10 million annually 2 years ago.

Ali says internet banking recorded an almost 3-fold increase in the number of transactions in the past 5 years to 3.5 million transactions valued at $1.6 billion. The Governor also shared that personal remittances has been Fiji’s largest foreign exchange earner for 2020 and 2021 given the impact of COVID-19 on tourism.

Ali says personal remittances has grown strongly, reaching a new record last year and is on track for another record high this year.

He says mobile remittances as a share of total inward remittances has also increased significantly to over 20% in the year to October 2021, compared to a share of 11.2% in 2020 and just 1% 5 years ago.

Ali highlighted that the National Payment System Act 2021 passed by Parliament in February this year grants powers to RBF to regulate and supervise all payment systems in Fiji.

He adds that there was widespread consultation on the law and it is not unique that the Reserve Bank of Fiji is responsible for payment system oversight as this is common practice across all jurisdictions where central banks are responsible for monetary and financial stability, which are dependent on payment system stability.

Governor Ali says a sound and well-functioning payment system ensures financial stability, facilitates economic activity and supports sustainable economic growth. He informed the participants that gross payments cleared and settled through FIJICLEAR or the large-value automated payment system that the RBF operates, which includes the 6 commercial banks as participants, totalled around $180 billion in 2020, more than double the value of payments that was settled 10 years ago.

Ali says cash withdrawals through ATMs was on a steady rise over the past decade, growing to approximately $3.2 billion in 2018 but has been on a downward trend recently.

The RBF Governor says the turnaround is explained by an increase in EFTPOS payments as well as other forms of digital payments.

FEATURE NEWS
We have observed a decline in the number of superbugs at CWM - MOH
The Ministry of Health has today said that they have observed a decline in the number of antibiotic-resistant organisms or superbugs being isolated at...
12 hours ago
LATEST NEWS
Grace Road found to be breaching employment and health and safety laws
Grace Road Company throughout Viti Levu has been found to be breaching the Employment Relations Act 2007 and the Health and Safety at Work Act 1996 ...
9 hours ago

USP Celebrates Global No.1 Rankings for Tourism and Hospitality Programmes
The University of the South Pacific (USP) has achieved global recognition for its excellence in Tourism and Hospitality Education, earning the No. 1 ...
10 hours ago

Open-heart surgeries for Fiji and the region
Great news for the people of Fiji and the greater South Pacific Region as the regions largest and highest rated super-specialty private hospital ...
10 hours ago

Australia launches bill to ban social media for children under 16
The Australian Government has tabled a bill in parliament that aims to ban social media for children under 16 and proposed fines of up to $73.3 ...
11 hours ago

6,659 drug cases recorded in 5 years with 1,615 cases recorded last year - ACP Raikaci
6,659 drug cases were recorded by the Fiji Police Force over the last five years, with last year seeing the highest with 1,615 cases. Acting ...
11 hours ago



fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
yb
IN DEPTH
Doctor Alipate Vakamocea on fijivillage Straight Talk with Vijay Narayan
Fiji Medical Association President, Doctor Alipate Vakamocea will appear on fijivillage Straight Talk with Vijay Narayan The show will focus on ...
8 days ago

Mangal and Akauola on fijivillage Straight Talk With Vijay Narayan
Adult Teen Challenge Fiji Executive Director, Hemraj Mangal and Director, Matai Akauola appear on fijivillage Straight Talk With Vijay Narayan The ...
8 days ago

Sporting federations demand answers from FASANOC
National sporting federations who are part of Fiji Association of Sport and National Olympic Committee or FASANOC, are still calling for answers and ...
14 days ago

TOP