SUNBIZ

Fijians to Benefit from Reforms

Everyday bank transactions are now easier, through the National Payment System Act 2021 and Regulations 2022.
02 Oct 2022 11:23
Fijians to Benefit from Reforms
Virginia Dawson, Development Counsellor at the New Zealand High Commission in Suva.

Everyday bank transactions are now easier, through the National Payment System Act 2021 and Regulations 2022.

The regulations also boost financial inclu­sion, while supporting financial stability and economic activity.

The National Payment System Act 2021 and Regulations 2022 have been published in the Fijian Government Gazette, becom­ing effective today.

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.

The legislative reforms, as part of a broad­er national payments programme, will provide the platform to boost access to af­fordable payment services through digital solutions, reduce reliance on cash and help drive e-commerce.

Transactions will be safer, more reli­able and more efficient for businesses and households.

“At a time when Fiji is building back af­ter the impact of the COVID-19 pandemic the commencement of these regulations will help modernise our financial system, paving the way for payment systems that support the needs of rural and urban busi­nesses and households,” said RBF Gover­nor, Ariff Ali.

“Once this reform programme is com­plete, we 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.”

The use of electronic payment systems and services is limited.

The payment system reforms, which are being implemented in phases, will allow financial and payment service providers to develop and introduce additional non-cash payment services and products for their clients in a faster and more secure manner, and at a lower cost.

Australia and New Zealand have congrat­ulated Fiji for the reforms.

“They’ll encourage greater innovation, as well as the entry of more payment so­lution providers into the Fijian market,” said John Williams, Australia’s Chargé d’Affaires to Fiji.

Aotearoa New Zealand is proud to have supported the Fiji Partnership, said Virgin­ia Dawson, Development Counsellor at the New Zealand High Commission in Suva.

“We are hopeful this will help to build a strong foundation for a modern payment system that drives safe and secure e-com­merce that benefits all,” she said.

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

Feedback: IFC/RBF



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