Systems in place to help RBF oversight suspicious transactions occurring through mobile money wallet apps

With the large number of transactions that are occurring through mobile money wallet apps like the MPAiSA and Digicel MyCash, the Reserve Bank of Fiji has been overseeing and has systems in place in which they can monitor these transactions.

While speaking during the fijivillage Straight Talk with Vijay Narayan, Consumer Council of Fiji Manager Campaign, Information and Media Vinash Singh says that with this system in place, if there are any suspicious transactions, it is the responsibility of any money transactions service provider to flag it to the RBF.

Singh says the RBF will also raise alerts or investigate some transactions if they feel it is suspicious.

He says it is the responsibility of the service provider to give information to the enforcement bodies as they cannot go out and look for people who are scamming.

Meanwhile, Vodafone Fiji Head of eCommerce and Digital Finance Services Shailendra Prasad says this year they expect to set a record of $5 billion worth of transactions through MPAiSA by their users compared to last year where they had $3.5 to $3.8 billion worth of transactions.

Prasad says looking at the inward remittances that the MPAiSA app brings into the country, the highest that they have reached was $47.8 million in the month of August this year.

He adds that if we look at the $1.1 billion that comes into the country as total remittances, they are now bringing in close to about 43 to 44 percent of the total remittances.