Press Release No. : 25/2024
Date : 14 October 2024
Press Release No 25 – Mobile Wallet Integration GO – LIVE
The Reserve Bank of Fiji (RBF) today announced a major milestone in Fiji’s financial landscape with the successful integration of mobile money wallets with bank accounts through the successful onboarding of Fiji’s Mobile Network Operators (MNOs) into FIJICLEAR the backbone of the National Payment System administered by the RBF to process and clear payments between commercial bank customers.
This integration allows customers to instantly transfer funds between their mobile wallets and bank accounts. It also enables direct transfers between customers of M-PAiSA and MyCash, an unprecedented development that enhances convenience and accessibility for all Fijians. This advancement follows the Go-Live of the Real-Time Gross Settlement System and Central Securities Depository in 2022 and the launch of the Automated Clearing House in 2023 marking another critical step in modernising Fiji’s payment infrastructure.
The Governor of the Reserve Bank, Mr Ariff Ali, stated, “With the rapid rise of digital financial services, consumers are increasingly seeking faster and more convenient ways of making payments. By integrating the two key mobile wallet providers in the market with the banking sector, we enhance efficiency and convenience, empower businesses of all sizes and open doors for thousands of people who do not have access to a traditional bank account. This is a monumental step towards greater financial inclusion.”
The Chairperson of the Association of Banks in Fiji, Mr Haroon Ali, expressed enthusiasm for this breakthrough, saying, “We’re thrilled to be part of the journey to onboard MNOs onto RBF’s FijiClear system. This milestone represents a significant step forward, paving the way for a stronger and more connected payment system in our region. Working alongside RBF, Vodafone and Digicel we’re committed to making this transition as smooth as possible. Together, we believe this initiative will create real benefits for consumers and businesses, and we eagerly await the benefits this will bring.”
The CEO of Digicel Fiji, Mr Farid Mohammed added, “We congratulate RBF on the successful launch. This milestone marks a significant step towards a more inclusive and convenient financial system in Fiji. Including mobile wallets like MyCash in FIJICLEAR displays the Fiji Government’s commitment to digital innovation. We’re proud to be part of this transformative journey and remain committed to supporting the RBF in creating a world-class payment system.”
The CEO of Vodafone Fiji, Ms Elenoa Biukoto also welcomed this development and stated, “By connecting the unbanked and underbanked with the formal banking system, we aim to empower individuals to access their money from anywhere at any time. We congratulate the RBF and other financial service providers for this milestone achievement that will benefit all Fijians.”
In addition to benefiting consumers, this integration is expected to facilitate smoother transactions for businesses, particularly Micro, Small and Medium enterprises. Merchants can accept payments via mobile wallets and transfer them directly into their bank accounts, simplifying the checkout process and improving the customer experience.
As the payment industry continues to evolve, integrating mobile wallets underscores a larger trend towards an inclusive and efficient digital ecosystem, providing users with greater control over their financial interactions. The RBF continues to explore further enhancements in the payment landscape, recognising the growing diversity of the market and the benefits of a competitive and enabling environment for innovation.
RESERVE BANK OF FIJI
For further details, please contact: –
Mervin Singh – Manager Corporate Communications
Telephone: (679) 3223 229 Email: mervin@rbf.gov.fj