Fijians to benefit from reforms in the banking sector

October 2, 2022 4:07 pm

Fijians will benefit from important regulatory changes that makes everyday bank transactions easier, helping boost financial inclusion.

The National Payment System Act 2021 and Regulations 2022 have come into effect from last Friday.

This marks a critical milestone in a broader ongoing reform program led by the Reserve Bank of Fiji.

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This new legislation and regulation will enable an upgraded national payment and settlement system and central securities depository.

In turn, the new infrastructure and systems will facilitate enhanced electronic fund transfers, retail payments and agent banking.

RBF Governor Ariff Ali, says at a time when Fiji is building back after the pandemic the commencement of these regulations will help modernize our financial system, paving the way for payment systems that support the needs of rural and urban businesses and households.

Ali says once this reform program is complete, they will have the right infrastructure for innovative payments, with the benefit of increasing access to important financial services for all businesses in Fiji, including micro, small and medium enterprises.

International Finance Corporation Country Manager, Judith Green says they are proud to have provided technical assistance to the RBF to develop these new measures.

The World Bank also provided technical expertise to the RBF in relation to this landmark reform program.

The changes to payment system regulations in Fiji come as similar reforms are being undertaken by central banks in Samoa, Solomon Islands and Vanuatu.