World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search


PFIP: Significant Reduction in Remittance Fees

PFIP Release
By Mereseini Senikau-Tuivuniwai

[Suva, Fiji, 7th October, 2011] Within one month of Vodafone MPAiSA International Remittance Launch, their competitor Digicel Mobile Money in partnership with Klick Ex, followed with a launch of their web to mobile wallet money transfer last night covering the New Zealand, Samoa, Tonga and Fiji corridor.

Fiji has been gaining global recognition on these ground breaking initiatives around mobile money. The partnership with KlickEx to launch Digicel Mobile Money enables the transfer of money from a New Zealand bank account to a Digicel mobile phone in the Islands. Pacific Island Countries and recipients of remittances can benefit from this competition. The cost of remitting money from NZ costs a flat fee of NZ$3.00. This is a significant reduction in remittance fees!

In the Pacific, around US$470 million was formally remitted to Forum island countries (FICs) in 2008. The primary sources of remittances to the Pacific are Australia, New Zealand and the United States of America. Across all remittance corridors to Pacific island countries surveyed, the average cost is 21.7 per cent of the amount remitted when sent from Australia and 15.2 per cent when sent from New Zealand. It is estimated that remitters to the Pacific pay at least US$90 million in remittance fees each year.

Remittances have received increasing global attention in the last decade, reflecting a growing appreciation of their importance to households in many developing countries. These recent development just goes to show how innovation and technology can dramatically effect and revolutionize aspects of Pacific life and their economies and financial inclusion as a whole.

"International remittances are a major source of financial security for households across the Pacific and a major contributor to economic activity in many countries. Making remittances cheaper, more convenient and faster will make a big difference in the lives of Pacific Islanders and we are happy to work with Digicel and its partners in this effort," says Tillman Bruett, Financial Inclusion Advisor and Project Manager, Pacific Financial Inclusion Programme.

So much is happening in the mobile money world that people may lose sight of how revolutionary these developments mean to the Pacific. Pacific islanders should capitalize on these efficient, reliable and low cost financial services. It can only get better from here.

More on this story:



© Scoop Media

World Headlines


New IPCC Report: ‘Unprecedented Changes’ Needed To Limit Global Warming

Limiting global warming to 1.5°C will require “far-reaching and unprecedented changes,” such as ditching coal for electricity to slash carbon emissions, says a special report that finds some of the actions needed are already under way, but the world must move faster… More>>


Jamal Khashoggi: UK, France, Germany Join Calls For Credible Investigation

Germany, the United Kingdom and France share the grave concern expressed by others including HRVP Mogherini and UNSG Guterres, and are treating this incident with the utmost seriousness. More>>


MSF Not Wanted: Nauru Government Shows Continued Callousness

The Nauruan Government’s decision to ask Doctors Without Borders to immediately leave shows continued callousness towards asylum seekers desperately seeking a safe place to call home, Green MP Golriz Ghahraman said today. More>>


Sulawesi Quake, Tsunami: Aid Response Begins

Oxfam and its local partners are standing by to deploy emergency staff and resources to the Indonesian island of Sulawesi, as an estimated 1.5 million people are thought to be affected by the massive earthquake and tsunami that hit on Friday. More>>


Decriminalising Same-Sex Relationships: UN Rights Chief Applauds Indian Decision

“This is a great day for India and for all those who believe in the universality of human rights," Bachelet said. "With this landmark decision, the Indian Supreme Court has taken a big step forward for freedom and equality...” More>>


  • Pacific.Scoop
  • Cafe Pacific
  • PMC