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ATM transactions

Filipe Naigulevu
Saturday, October 28, 2017

TRANSACTIONS conducted via automated teller machines (ATM) continue to be the main means of accessing and using financial services in Fiji.

This after the Fiji Financial Intelligence Unit (FIU) recorded 20.8 million ATM transactions conducted in the country exceeding a total value of $2.7 billion last year.

These transactions, Fiji FIU director Razim Buksh said, were conducted at the 326 ATMs of various commercial banks nationwide.

The increase in access to ATMs could also attribute to the ATM transaction figures as revealed in a separate survey conducted by the International Monetary Fund (IMF).

The IMF's eighth annual Financial Access Survey (FAS) highlighted that access to ATMs had increased in 2016 to about 50 ATMs per 100,000 adults in Fiji.

This was compared with 46 ATMs per 100,000 adults recorded in 2015.

"Fiji is experiencing a rapid expansion of 'online' and electronic services that is changing our business and banking dynamics," Mr Buksh said while speaking at the Fiji Institute of Bankers workshop in Suva.

Mr Buksh said the next top means of accessing and using financial service in the country were conducted via electronic funds transfer at point of sale (EFTPOS). Out of the 6081 EFTPOS machines in Fiji, he said 3.9 million EFTPOS transactions were conducted last year with a total value of almost $1b.

Mr Buksh said 1.4 million internet banking transactions were conducted last year totalling about $700m.

Also the amount of credit card transactions conducted last year was 459,633 totalling about $120m, he said.

"Conducting financial transactions are becoming easier, convenient and faster by the day in Fiji primarily due to technological advancements," Mr Buksh said.

"Financial transactions are executed even from the comfort of our home using a portable device.

In 2016, 12 million paper based transactions were conducted with a total value of more than $12b.

This is reflected in the decrease in people visiting branches of commercial banks last year compared with 2015.

In IMF's data provided in the its annual financial access survey, about 11 branches of commercial banks were accessible as per 100,000 adults.

Meanwhile, about 900,000 inward remittance transactions and 300,000 outward remittance transactions were conducted by commercial banks and remittance service providers last year.

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