The Reserve Bank of Fiji (RBF) recently announced the passage of a National Payment System Act to “upgrade national payment and settlement systems” with the intent of improving electronic payments, which can be safer and cheaper for both businesses and households. The targeted solutions include clearing retail payments automatically and instantly transferring money.
RBF is receiving support on the implementation, which is scheduled to take two years, from the World Bank Group’s International Finance Corporation and the governments of Australia and New Zealand.
By Tejas Gumudavelly, Research Associate
Sources and Additional Resources
Fiji National Payment Systems Bill
http://www.parliament.gov.fj/wp-content/uploads/2020/12/Bill-No.-48-National-Payment-System-Bill-2020.pdf
The Fiji Times press release
https://www.fijitimes.com/landmark-payment-system-reforms-to-support-economic-activity-and-boost-financial-inclusion/
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