Landmark Payment System Reforms to Support Economic Activity and Boost Financial Inclusion

Source: The Fiji Times

Everyday transactions will be made easier and faster under reforms being introduced by the Reserve Bank of Fiji (RBF) to modernize the nation’s financial system, in turn supporting small businesses and individuals and promoting inclusive economic development.

The Fijian Parliament last week passed the National Payment System Act, paving the way for this reform program that is set to boost access to affordable payment services through digital solutions and support the drive for greater financial inclusion. Transactions will be made more efficient and safer for businesses and households alike under the legislation that creates the enabling environment for an upgraded national payment and settlement system that will facilitate enhanced electronic fund transfers, retail payments and agent banking.