National payment system for next year

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Fiji’s National Payment System set to provide users’ additional means of making payments is intended to be established next year.

The system, legal framework for which was passed in February this year, allows users’ access to a wider range of payment instruments and services, for instance being able to move funds from their banking accounts to their MPaisa accounts and vice versa which is not possible with existing structures.

At a recent press conference Minister for Economy and Attorney General Aiyaz Sayed-Khaiyum said: “There’s some bit of a slowdown because of some of the consultants and the expert not being able to come into the country. But we are hoping and in our discussion that by March, April of next year we will have the national payment system.

“There are certain limitations in the ability to transfer money from MPaisa to banking account to a bank account, so all of this will become seamless to the national payment system, which will mean lot more Fijians will be actually mainstream into the financial system.”

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