To date in 2024, remittance inflows have already reached $189.7 million, an increase of 9.8 per cent compared to last year.
According to Senior Economist of Westpac Banking Corporation, Shamal Chand remittances are expected to continue growing due to significant out-migration of the past couple of years.
Chand in the Bank’s Quarterly Economic Update, highlighted that personal remittances soared to a record high of $1,253.4 million in 2023, marking a significant 20.4 per cent increase.
He said this growth is attributed to rising migration and support from the Fijian diaspora overseas.
Remittances first surpassed the $1 billion milestone in 2022, with a remarkable 23.6 percent growth, playing a crucial role in boosting domestic consumption and assisting low and middle-income households during the post- COVID-19 recovery phase.
Chand said Fijians also continue to embrace the mobile digital wallet technology and amongst Fijians living abroad, it has become one of the preferred platforms for sending money back home.
“Out of total remittance inflows in 2023, 38 per cent was received through mobile digital wallets, a substantial increase from just 1.2 per cent in 2016.”
In contrast, the share of remittances received through commercial banks, money transfer operators and foreign exchange dealer, has been declining in past decade.
However, this group still accounts for a significant portion of receipts in nominal values.
