Mobile Money Remittances Continue to Surge
Expected to Contribute Positively to Total Remittance
Suva, Fiji - The use of mobile money for remittances is expected to continue its upward trend in the coming months, contributing positively to the overall total remittance sent through mobile wallets.
Significant Growth in Mobile Financial Services Active Accounts
According to recent data, the number of mobile financial services active accounts has increased significantly, from 15,812 in 2016 to 20,733 in 2018. This growth is expected to continue, driven by increasing awareness among consumers about the benefits of using mobile money for remittances.
Total Value of Remittance Sent through Mobile Money on the Rise
Mobile money providers have made significant progress in recent years, with the total value of remittance sent through mobile money increasing from $6.77 million in 2016 to $13.6 million in 2018. This growth is expected to continue, driven by the convenience and cost-effectiveness of mobile money compared to other channels such as money transfer operators and commercial banks.
Secretariat’s Commitment to Promote Financial Inclusion
The Secretariat will work closely with Mobile Network Operators (MNOs) to discuss ways forward and promote the use of mobile money for remittances. “We are committed to promoting financial inclusion and increasing access to financial services,” said [Name], Secretary of the Secretariat. “Mobile money is an important tool in achieving this goal, and we will continue to work with MNOs to ensure its success.”
Comparison with Other Channels
The data also shows that other channels, such as commercial banks and money transfer operators, are experiencing growth in remittances. However, mobile money remains a cheaper and faster option for consumers, making it an attractive choice for those looking to send and receive remittances.
Future Outlook
Overall, the trend is expected to continue, with mobile money playing an increasingly important role in facilitating remittances in Fiji.
Key Statistics:
- 15,812 mobile financial services active accounts in 2016
- 20,733 mobile financial services active accounts in 2018
- $6.77 million total value of remittance sent through mobile money in 2016
- $13.6 million total value of remittance sent through mobile money in 2018