Fiji’s banks have welcomed the integration of Vodafone’s M-PAiSA services through Bank of Baroda.

“In fact, we welcome competition,” Reserve Bank of Fiji Governor, Ariff Ali said during the launch of the integration of Vodafone’s M-PAiSA services with Bank of Baroda.”

“This initiative aims to further our digital footprint.”

The partnership will assist in reducing the cost of accessing basic financial services for farmers.

“This initiative allows farmers,fishermen and women, market vendors, micro small medium entrepreneurs (MSMEs), and individuals seamless transfer of funds through M-PAiSA wallet.

“This it does through.”

Bank of Baroda
Bank of Baroda chief executive Fiji operations Sudhansu Sekhar Khamari also announced the bank’s plans to launch its M-Connect service.

Bank of Baroda’s M-Connect will do away with the use of ATM cards, in what may be a first for Fiji, Mr Khamari said.

Bank of Baroda has branches in 19 countries.

The deal with Bank of Baroda customers allows its customers to transfer funds and witness real time results of such transactions.

Bank of Baroda customers who are Vodafone users can use M-PAiSA services to top up their phone and bus card accounts.

The service allows them to pay utility bills.

Bank of Baroda introduced its own mobile banking product in 2017.

Mr Khamari returns to India next month, after serving the Fiji chapter during the COVID-19 pandemic challenge.

Digital changes
Meanwhile, the Reserve Bank of Fiji said mobile money ownership had increased from six per cent to 19 per cent.

There is a shift in demand towards digital channels, Mr Ali said.

Over the past five years, ATM transactions rose by 13 per cent to 20.5 million, he said.

The use of EFTPOS increased by 63 per cent to 5.4 million transactions, while internet banking almost tripled to 3.5 million transactions.

“Mobile money wallet transactions in volume and value also grew by 62.7 per cent, and 1068 per cent respectively in the five year period to 2020.”

“As of December 2020, offshore remittance through mobile channels increased by over 300 per cent to around 10 per cent of total remittance inflow of $820 million.”

“As of August this year, it has increased by around 160 per cent, accounting for just under 20 per cent of total remittance inflows.”

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