Cash Flow (Remittances)

November 13, 2015

THE Reserve Bank of Fiji (RBF) estimates the country will receive $430million worth of remittances by the end of this year.

Governor Barry Whiteside said Fiji’s earnings from remittances was about $400m last year. And for the first nine months of this year, remittances increased by at least 30 per cent when compared with the same period last year.

Remittance most commonly refers to the funds an expatriate sends to their country of origin via wire, mail, or online transfer and is economically significant for many countries that receive them.

“It’s going to be a much better level year so we are looking at in excess of $430m,” Mr Whiteside said.

His comments come as Vodafone Fiji signed an agreement that allows Westpac account holders to transfer money using the M-PAiSA platform either to individuals or to other banks.

Vodafone Fiji CEO Pradeep Lal said they had experienced an increased usage of M-PAiSA by Fijians living abroad, particularly in the UK and in the past few months the figures exceeded $200,000.

“That’s quite significant for the company,” Mr Lal said.

“The money has been sent all over Fiji irrespective of where they are based, in the outer islands or the rural of Viti Levu, the money was sent to family or friends.”

He said the bulk of Fiji’s population who migrated had been sending money via M-PAiSA.

According to him, they would soon launch this service in Australia and New Zealand.

“It’s very cost effective, convenient and we have more than 300 places around the country where they could go and cash it.”

SOURCE: FIji Times