Making money mobile

Personal remittances are the second largest foreign reserve earner in Fiji. This was a statement made by Reserve Bank of Fiji Governor Ariff Ali during a press conference at the Vodafone Fiji Limited Headquarters in Tamavua yesterday.

Mr Ali said 85 per cent of this personal remittance was in the form of gifts and the amounts are relatively small.

Mr Ali said with exports and tourism industries affected by COVID-19, personal remittances can hopefully fill in the gap.

New M-PAiSA initiative

He added he was proud to be part of another new M-PAiSA initiative by Vodafone Fiji and United Nation’s Pacific Financial Inclusion Programme (PFIP).Vodafone Fiji in partnership with PFIP and other international partners have come up with an innovative idea to send and receive money with no fees.

Vodafone head of eCommerce and corporate affairs travellers from China and South Korea and later to the rest of the world as a protective measure aimed at reducing and containing the spread of COVID-19 in Fiji.

“In response to this, Management has since effectively put in place measures to ensure that operating expenses for the business are prudently managed during this period and where necessary, appropriate actions have been taken gradually such as the reduction of human resources, salary cuts, reduced hours and the likes.

The increase in depreciation and finance cost expenses are a result of the implementation of IFRS 16 that is reflected in the current period and not at the time of reporting of the comparative results of 2019.

“The Company continues to maintain a strong cash flow position and intends to ensure the market that it continues to receive the support from its parent Company in Japan during this difficult time .”

South Pacific Stock Exchange Shailendra Prasad said: “As from today you can send and receive money through MPAiSA from overseas countries for the next two months.

“International partners’ money sending partners have WorldRemit, RIA Money and Tunes have come aboard with Vodafone to make this possible.

“This imitative came to light during these dire times of people who are struggling from the pandemic when a lot are forced to be unemployed. “Many have families overseas who can send them money and now they can do it without fees.”

Pacific Financial Inclusion programme manager Bram Peters added they were grateful to have been involved in such an innovative initiative especially during these gloomy days.

“We are looking to do similar things in other countries and it’s all in the pipeline,” Mr Peters said.

Vodafone has waived fees for those sending and receiving money through MPaisa from overseas countries effective from today until July 14.