Partnership described as a step in the right direction
21 October, 2021, 6:15 pm
Customers of Bank of Baroda now have the option to transfer money from their accounts to M-PAiSA, following a successful integration of the mobile wallet platform with the bank’s M-connect plus facility.
Bank of Baroda chief executive officer Sudhansu Khamari said with the integration, their customers would be able to transfer any amount from their account to the M-PAiSA mobile wallet, transfer money from their account to another account within the bank and to any other bank on real time basis.
Mr Khamari said the collaboration with Vodafone would allow them to meet the demands of their customers. Vodafone Fiji’s chief marketing officer Rajnesh Prasad said with the integration of M-PAiSA with customers bank accounts at Bank of Baroda would allow Baroda customers to transfer money from their bank account into M-PAISA 24 x 7 from anywhere in Fiji.
“The service is real time, which means money transferred from customers bank account will reflect in their M-PAiSA account within seconds,” he said.
Reserve Bank of Fiji governor Ariff Ali said they welcomed the evolution and supported the Bank Integration Partnership between Bank of Baroda and the Vodafone Fiji M-PAiSA platform which was a step in the right direction.
“The Bank of Baroda and Vodafone partnership is timely and complements the National Payment System Reform work that the Reserve Bank is currently leading, which is strongly supported by the Fijian Government, as evident in the unanimous passing of the National Payment System Act 2021 by Parliament in February this year. Once the Act commences, mobile money along with other payment providers will transition into being regulated and supervised by the RBF therefore providing the ability to balance innovation with good governance, transparency and consumer protection.
“Today’s partnership launch will further improve access and usage of digital financial services and allow many to take advantage of the opportunity that it presents. It also ties in well with Government’s initiative of digitizing the Fiji economy and reducing our reliance on cash.”
Mr Ali said Bank of Baroda continued to be a partner in driving Fiji’s progress in achieving its financial inclusion agenda and strategic plan supporting initiatives such as the National Microfinance Awards, providing micro loan and deposit products and also accompanying the RBF to a number of microfinance expositions.