Banks work to flood markets with EFTPOS machines
February 8, 2019 12:41 pm
Banks in Fiji are working to provide EFTPOS machines to small shops in the rural and urban areas.
However, a lot is required from these merchants.
Fiji Association of Banks Member, Saud Minam says the struggle is when they go to small shops, they are not provided with the required documents to open an EFTPOS account.
Minam says they’re working towards flooding the market with EFTPOS machines to businesses in the second tier and all the way to small shops.
“But for that, both the industry, regulators as well as the customers have to work hand in hand in terms of understanding the requirements because there is a compliance requirement. It’s important for that merchant to safeguard that machine in the bigger interest of the organization from where they got it.”
He says the aim is for people to walk or drive to places without having cash in their hands and be able to buy the smallest amount of goods without carrying any cash.