The Fiji Competition and Consumer Commission has acknowledged the Reserve Bank of Fiji on the successful launch of the upgraded FijiClear system.
FCCC Chief Executive, Joel Abraham, said the recent expansion of the FijiClear infrastructure now enables seamless 24/7 real-time bank transfers for transactions under $5,000 and intraday settlements for amounts between $5,000 and $50,000, all provided at no cost to the consumer.
Abraham emphasized that by enabling 24/7 real-time transfers for transactions under $50,000, FijiClear reduces dependency on physical cash and cheques, minimizing risks and costs associated with these traditional methods.
“It is not only their role to ensure fair competition and regulate market practices, but also to champion initiatives that elevate consumer welfare.”
“The enhanced FijiClear system is a perfect example of such an initiative, offering a robust solution that promises to deliver tangible benefits to Fijian consumers,” he added.
The FCCC CEO said consumer welfare is at the heart of what they do, and when consumers are provided with efficient transaction methods, the economy, on the whole, becomes more dynamic and inclusive.
Abraham added that they are looking forward to continuing its collaboration with all stakeholders in the financial sector to ensure that the benefits of such systems are maximized and that consumer interests remain protected.
