The National Payments System Act 2021 and Regulations 2022 have been published in the Fiji Gazette and are now in force.
This marks a crucial step in a broader ongoing reform program led by the Reserve Bank of Fiji (RBF).
RBF Governor Ariff Ali said the coming into force of these regulations would help modernize our financial system, paving the way for payment systems that meet the needs of rural and urban businesses and households.
This new legislation and regulations will enable the upgrading of a national payment and settlement system and a central securities depository.
In turn, new infrastructure and systems will facilitate improved electronic funds transfers, retail payments and agent banking.
These legislative reforms, as part of a broader national payments agenda, will provide the platform to improve access to affordable payment services through digital solutions, reduce reliance on cash and help to stimulate e-commerce.
“Once this reform program is completed, we will have the right infrastructure for innovative payments, with the benefit of increasing access to important financial services for all businesses in Fiji, including micro, small and medium enterprises. “, did he declare.
Judith Green, IFC Country Manager for Australia, New Zealand, Papua New Guinea and the Pacific Islands, said the new regulations will help Fiji citizens benefit from innovation in payments, offering the potential for digital solutions to foster financial inclusion, bringing more people into the banking system, fostering development.