RBF: Mobile money services processed $71m

The Reserve Bank of Fiji (RBF) says our foreign reserves are expected to remain comfortable till end-2018. Picture: JOVESA NAISUA

The Reserve Bank of Fiji (RBF). Picture: JOVESA NAISUA/FT FILE

Mobile money platforms processed $71.1 million in 2019, according to the Reserve Bank of Fiji.

The RBF revealed this before the Parliamentary Standing Committee on Justice, Law and Human Rights while making submissions on the National Payments Systems Bill 2020 last week.

In 2014, the mobile platforms processed around $13.1 million which was an increase of $58 million over a five-year period.

“In the last decade, the volume of ATM transactions doubled from 12.6 million transactions per year in 2010 to 23.2 million at the end of 2019,” stated the RBF.

“EFTPOS transactions have tripled since 2010, from 1.8 million transactions to 5.4 million at the end of 2019.”

The RBF added there was a 109 per cent increase in internet banking transactions in the past five years.

“Over the same period usage of cheques fell by 57 per cent.”

Making payments through mobile phone platforms has also been increasing since 2011.

“Since 2011 we have witnessed an eight-fold increase in the volume of mobile money payments, i.e., from 0.3 million to 2.3 million transactions in 2019.

“Similarly, the number of customers’ actively using mobile money has grown over seven times to 150,000 customers at the end of 2019 from 20,000 customers in 2014.

“The value of electronic money in circulation has also increased significantly to $32.2 million at the end of 2019 compared with around $4.5 million five years ago.”

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