ANZ Bank Fiji Country Head Rabih Yazbek says they have built suitable tools for businesses to step away from collecting cash and have successfully lobbied to move away from cheques.
While speaking at the Fiji Chamber of Commerce panel discussion on the topic: “Driving The Future of Business”, Yazbek says they have two years before they phase out their cheques in Fiji.
He says over 92 percent of their over the counter transactions are from businesses and this is the reason they are heading this way.
Yazbek says the onus is on ANZ and other banks to reposition the businesses to step away from collecting cash using cheques and do things in an efficient manner.
Yazbek says they have done a really good job in digitizing their customers and are also working with the Reserve Bank of Fiji and hopefully, people will stop carrying wallets around and rely on mobile phones and electronic payments going forward.
The ANZ’s Country Head adds they have also created business banking where they have taken 4,100 small and micro enterprises customers out of their commercial bank and have put them in this business bank.
Yazbek says it is a whole new segment for them where they have recognized that not everyone is a corporate.
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