Deputy Prime Minister and Minister for Finance Professor Biman Prasad says the adoption of mobile eWallets for receiving remittances has made a significant difference and advancement in Fiji’s financial ecosystem.

Speaking in Parliament, Prasad says personal remittances have grown on average by a staggering 17 percent since 2019.

He says between 2019 and 2023, Fiji has received a total of $4.5 billion in remittances alone.

Professor Biman Prasad says the mobile e-wallet has provided a more accessible, efficient and secure method of transferring funds for Fijians.

“Our people are now able to receive remittances directly on their mobile devices, reducing their dependency on fiscal cash and enhancing financial inclusion, particularly for unbanked and underbanked populations.”

Prasad says remittances contributes to poverty alleviation and improves the overall quality of life for ordinary Fijians.

“The remittances also have a multiplier effect on the economy, which means that every dollar that comes into the country has a very multiple effect. Stimulates local business, creates jobs,  fosters economic activity and particularly important in rural and remote areas”.

Forty-four percent of our remittances come from Australia, US is second at 24 percent, New Zealand is next with 18 percent and UK six percent.
Prasad says the rest comes from other countries.