National Payment System Act and Regulations effective
1 October, 2022, 7:02 pm
The National Payment System Act 2021 and Regulations 2022 have been published in the Fijian Government Gazette and are now effective.
This marks a critical milestone in a broader ongoing reform program led by the Reserve Bank of Fiji (RBF).
RBF Governor Ariff Ali said the commencement of these regulations would help modernise our financial system, paving the way for payment systems that support the needs of rural and urban businesses and households.
This new legislation and regulation will enable an upgraded national payment and settlement system and central securities depository.
In turn, the new infrastructure and systems will facilitate enhanced electronic fund transfers, retail payments and agent banking.
These legislative reforms, as part of a broader national payments program, will provide the platform to boost access to affordable payment services through digital solutions, reduce reliance on cash and help drive e-commerce.
“Once this reform program is complete, 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,” he said.
IFC country manager for Australia, New Zealand, Papua New Guinea and the Pacific Islands Judith Green said these new regulations would help the citizens of Fiji benefit from innovation in payments, offering the potential for digital solutions to help drive financial inclusion, by bringing more people into the banking system, fostering development.