Prime Minister Voreqe Bainimarama says he is looking forward to the approval if Fiji’s national Switch Legislation that will place the payment service of all banks in Fiji on the same interchange network.
Speaking at the official opening of the new BRED Bank branch in Valelevu last night, Bainimarama says this will be decided in Parliament next week.
He says this will allow Fijians to withdraw funds from any bank’s ATM at a minimum cost.
Bainimarama says banks will not have to individually build ATMs but share the cost and focus their efforts and resources on service they can provide.
He adds electronic transactions will also curb the black economy and enable every Fijian to enjoy the ease and security of financial transactions.
Bainimarama urges all banks and agencies that disburse funds to get on board once this becomes law, to show their commitment to fostering a more inclusive financial sector in Fiji.
This is the sixth BRED Bank branch in Fiji and six staff will serve the Valelevu branch.
