Fiji had $54.4 million in electronic money (e-money) and 749,587 registered mobiles with e-money accounts as at July 31, 2021, states the Reserve Bank of Fiji in its annual report tabled in Parliament recently.
The RBF stated the total value of e-money in circulation grew substantially by 76.4 per cent.
“This was underpinned by the growth in customer deposits, remittances and bulk transfers,” the RBF stated.
“Similarly, the number of registered mobile money accounts increased by 107 per cent to 749,587 while the number of active mobile money users grew by 286.2 per cent to 542,733.”
The RBF stated customer deposits via mobile money service increased in value by 3118.6 per cent to $113.6 million compared with $3.5 million in the last review period.
“Similarly, the number of customer deposits grew by 2992.1 per cent to 1.3 million, compared with 43,397 transactions over the previous period.
“During the year, the value of person-to-person (P2P) transfers increased by 598.2 per cent to $177.2 million and the number of P2P transfers notably increased by 1021.2 per cent to 2.9 million transactions.
“The positive trend is attributed to the affordability and convenience of mobile money compared with traditional domestic money transfer channels.”
