Remittances through mobile money platforms in 2020, recorded a threefold increase to approximately $82.1 million compared to 2019.

This was the revelation made by Minister for Commerce, Trade, Tourism and Transport Faiyaz Koya while officiating at the World Consumer Rights Celebration in Suva yesterday.

The theme for this year’s celebration was ‘Breaking Barriers in Digital Finance’.

Mr Koya said Fiji was a key facilitator of Digital Financial Services (DFS) in the Pacific.

“Throughout the pandemic, more people have adapted to getting their business online or handling day-to-day activities,” he said.

“This includes mobile payments by the Fijian Government and Fiji National Provident Fund, for disbursement of financial assistance.

“Fijian businesses also embraced e-commerce, online payments, quick response (QR) payments and mobile money to continue operating amidst the pandemic.

“This has enabled our businesses, especially MSMEs, to remain afloat.”

He said when remittance came in, particularly in rural and maritime areas, Fijians could buy their essentials from local stores —thus circulating money in the communities and the local economy.

“It emerged as a critical avenue for getting financial support across to the people a lot easier. It helped maintain commercial operations despite lockdowns, or curfews.

“This was possible as we are focused and established a well-designed digital infrastructure for financial services. Services that are fair, safe and inclusive. Services that help close the gender, income, education, and degree of urbanisation disparities and bring individuals into the formal financial system.”

He said that according to Consumer International – by 2024 – digital banking consumers were expected to exceed 3.6 billion.

“In developing countries, digital transactions have grown to 70 per cent in 2017, compared to 57 per cent in 2014.  That’s a 13 per cent growth in a matter of just 3 years.

“In developing nations, such as ours, the expansion of digital financial services has given Fijians, particularly those with traditionally no access to a bank account, access to financial services for the first time. As of December 2020, of the 390,772 mobile money accounts registered, less than 50 per cent (43.7 per cent or 170,892) were active.”

He said with a relatively young population, policy makers continued to be forward looking.

“We have already put in place a number of policies and initiatives that harness the potential of digital innovation to boost public participation, and encourage fair competition and collaboration among stakeholders.”

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