The Minister for Communications Manoa Kamikamica says the launch of the M-PAISA MasterCard, is a game changer for Fiji, in its quest for greater financial and economic inclusion.
Speaking at the launch last night at the Grand Pacific Hotel, the Deputy Prime Minister said this is an increasingly digital economy; technology and digitalisation are the strong points of progression.
Kamikamica said digital wallets as M-PAISA genuinely have a positive influence on the Fijian economy – as a powerful tool, wallets such as M-PAISA have accelerated development and promoted equality, mobilising funds in the informal sector and empowering our rural communities.
“I am told, there are over 580,000 registered M-PAISA mobile wallet holders and on average, 335,000 active users every month conduct transactions around $270 million which means M-PAISA is expected to process over $3 billion in financial transactions for 2023 – creating a significant multiplier effect in the economy as money moves quicker in the economy.”
The Deputy Prime Minister said one of the key areas that M-PAISA has thrived in is the inward remittances.
“Around 38 per cent of the inward remittances into the country now come directly into the mobile wallet. M-PAISA brings in on average $36 million every month and has significantly reduced the cost of sending cross border remittances.”
Kamikamica added that from a net retainer point of view, inward remittances have the highest impact on the Fijian economy.