$3.3b money transfers

Reserve Bank of Fiji. Picture: ELIKI NUKUTABU

Digital financial services are increasingly being used across Fiji’s financial system, particularly in the market for digital payments.

This is stated in the Financial Inclusion Annual Report for 2022 released by the Reserve Bank of Fiji.

From January to December 2022, a total of $3.3 billion was transferred over 5.7 million transactions through internet banking, representing an increase of 45.0 per cent in value and 17.0 per cent in volume respectively, when compared with the same period in 2021.

In the same period, electronic funds transfer at point of sale (EFTPOS) transactions for which cards are the primary medium, accounted for 8.2 million transactions valued at $1.2b.

On an annual basis, the volume and value of these transactions increased by 41.4 per cent and 55.0 per cent respectively for 2022.

Credit card usage between January to December 2022 saw a total value of around $600 million being processed with over 1.2 million transactions, representing an astounding increase of 622.0 per cent in the value of transactions and 219.0 per cent for volume over the year.

“This can be attributed to change in usage appetite of such products as ‘credit cards’, as the economy rebounded in 2022,” states the Financial Inclusion Annual Report.

From January to December 2022, automated teller machines (ATMs) had a $3.1b worth of transactions which consists of 17.3 million transactions during the year.

While the value of transactions grew by 27.7 per cent, volumes experienced a marginal growth of 0.1 per cent over the year.

Total e-money in circulation on 31st December 2022 was $156.2m with 900,000 registered mobile accounts, out of which 500,000 were active accounts.

Person to person payments had a total value of $1.4b between January- December 2022 while inward remittances on mobile money platforms was $524.3m.

From January-December 2022, $259.5m worth of payments were made on quick response codes (QR).

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