Bank of Baroda customers in Fiji can now transfer money from their bank accounts into M-PAISA providing them seamless banking and payment experience at their convenience.
This after Vodafone’s M-PAISA was successfully integrated with Bank of Baroda customers’ bank accounts, the launch of which was held today at the mobile network’s headquarters in Suva today.
Vodafone Chief Marketing Officer Rajnesh Prasad described the partnership as a game changer.
“One of the pieces of the puzzle that has been missing to make M-PAISA a complete end-to-end digital payment service is the linkage with bank accounts,” Prasad said. “The service is real time, which means money transferred from customers bank account will reflect in their M-PAISA account within seconds.”
Bank of Baroda’s Chief Executive Fiji Operations Sudhansu Sekhar Khamari said the integration with the mobile network provider gives them greater mileage and greater reach whilst providing customers seamless banking experience.
Khamari said the next phase of the development would be to facilitate transfers from M-PAISA to customers’ bank accounts.
Reserve Bank of Fiji Governor Ariff Ali who was also at the launch said the partnership complements the National Payment System Reform work that the country’s central bank leads.
“The partnership…will …reduce the cost of accessing basic financial services for farmers. This initiative allows farmers, fishermen and women, market vendors, MSMEs and any individual with a Bank of Baroda account to be able to seamlessly transfer funds to their M-PAISA wallet through direct transfers or internet banking which can in turn be used to purchase goods and services through the M-PAISA app, the QR code function and they are also able to transfer funds to any M-PAISA wallet.”
