The Reserve Bank of Fiji’s Governor Ariff Ali announced a promising projection that the value of electronic money wallet transactions in Fiji is expected to reach nearly $3 billion by the end of this year. This optimistic estimate was presented during a panel discussion celebrating the inauguration of the new Visa Regional office in Suva. Ali highlighted that last year, Fiji recorded a remarkable total of 36 million mobile wallet transactions, worth around $2 billion.
The growth trend is looking even more robust this year, with approximately 41 million transactions already logged in the first nine months, leading to expectations that total mobile wallet transactions could hit 50 million by year end. Alongside this surge in the number of transactions, the total value is projected to approach the $3 billion mark, underscoring a significant increase in the adoption of mobile wallets throughout the country.
One of the noteworthy developments is the rise in bank transfers to mobile wallets. Last year, there were 3.5 million transactions valued at around $300 million. This year, with new interoperability features allowing seamless transfers from mobile wallets to bank accounts, bank transfers are expected to double to nearly 7 million transactions.
Governor Ali pointed to the impact of digital payment methods, particularly through QR codes, which facilitated around $5 million in transactions. He reaffirmed the Reserve Bank’s commitment to supporting the mobile wallet ecosystem, which enhances productivity and cost efficiency while improving overall market dynamics.
These advancements signal a growing acceptance of digital transactions, representing a significant step toward financial inclusivity in Fiji. As more individuals and communities adopt these modern payment systems, the outlook for fostering economic stability and growth across Fiji appears bright. This shift not only empowers a wider demographic but also ensures that all Fijians have meaningful opportunities to participate in the economy.