Payment Changes Become Law in Fiji

Fijians stand to benefit from important regulatory changes that will make everyday bank transactions easier, helping boost financial inclusion while supporting financial stability and economic activity, says the Reserve Bank of Fiji.

The National Payment System Act 2021 and Regulations 2022 have been passed into law, marking a critical milestone in a broader ongoing reform program led by the Bank.

The 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.

According to the Bank, 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.