September 8, 2016 10:54 am

National Switch to reduce cost of eTransactions

The  Interchange Network Payments or National Switch Bill, which is currently before Parliament, reduce the costs of electronic transactions. Speaking at the 8th ANNUAL ALLIANCE FOR FINANCIAL INCLUSION (AFI) GLOBAL POLICY FORUM underway on Denarau, Prime Minister Josaia Voreqe Bainimarama said the bill will provide a regulated, centralised environment for using ATMs and Point of […]

The  Interchange Network Payments or National Switch Bill, which is currently before Parliament, reduce the costs of electronic transactions.

Speaking at the 8th ANNUAL ALLIANCE FOR FINANCIAL INCLUSION (AFI) GLOBAL POLICY FORUM underway on Denarau, Prime Minister Josaia Voreqe Bainimarama said the bill will provide a regulated, centralised environment for using ATMs and Point of Sale Machines.

He said this would the bill will give not only the banks, but all other entities conducting large transactions, an incentive to participate in the National Switch.

For example, our iTaukei Lands Trust Board, which administers land on behalf of different land-owning units, can disburse lease funds through the National Switch to all individual recipients in the respective land owning units. Similarly, our social welfare recipients will also be able to directly access funds through the national switch, thereby reducing the current fees and charges.

The Prime Minister said that it was in the best interest of every Fijian consumer that we introduced regulation in our financial system to foster competition at the top and bottom ends of the market.