A partnership between Vodafone Fiji and Lotus Foreign Exchange saw the expansion of the popular locally Fiji-based M-PAISA money transfer across the borders. The international money transfer (IMT) service through mobile phone was initiated in Auckland City and was the first such initiative in this part of the world.
The subdued beep of mobile phone’s text message sent from the heart of Auckland city to a remote village in Fiji created history and aims to be a milestone on money transfer to other countries. Such money transfer heralds improved landscape of international money transfer for the Pacific and developing nations across the globe.
That is exactly what happened when a Gisborne, New Zealand based Fiji rugby player, Apisalome Ratuniyarawa sent money via innovative money transfer M-PAISA text message through mobile phone to his village in Fiji. On hand to help Ratuniyarawa launch this innovative across the border service was Knut Ostby, Fiji-based Resident Coordinator for United Nations and UNDP. On the historical day of 2011 Rugby World Cup in Auckland on 9 September, Ratuniyarawa sent money via text message from Auckland city’s Lotus Foreign Exchange outlet to Mr Bai’s general store in rural Vunidawa, in the heart of Naitasiri Province in Fiji. Attorney General of Fiji Sayed –Khaiyum, was present during this launch in rural Naitasiri with representatives of Vodafone, UNDP and Lotus Foreign Exchange. As gesture of goodwill, money transferred was donated to Vunidawa District School and Vunidawa Indian School.
Ratuniyarawa who had specially flown from Gisborne for this launch was overjoyed that this was a great service that he could use to send money to his village by using his mobile phone, very easily, safely as well as cheaply. “Many Fijians like me who live and work abroad will now benefit from this service, and this opportunity will see many more people sending money home without hassles. Similarly, people in rural areas in Fiji will not have to travel far to cash, “Ratuniyarawa told the audience in the Auckland launch. He was grateful to the Pacific Financial Inclusion Programme and UNDP for this innovation and the opportunity for him to send money through this convenient and economic medium. He also thanked partners Vodafone and Lotus Foreign Exchange for enabling such international transactions effectively and efficiently.
Knut Ostby of UNDP told the guests that through Pacific Financial Inclusion Programme (PFIP), UNDP, UN Capital Development Fund, AusAid and the European Union worked together, among others, on projects involving access to financial services and development. “We are committed to helping Pacific Islanders have access to more affordable, safe and convenient financial services and help save for a rainy day,” Knut said during the launch.
He explained that the success of sending money through mobile phones required three prerequisites to be fulfilled. These needed successful marriage of technology, with international financial mechanism within telecom companies which has to be enabled by the regulatory part which allowed such transactions to operate legally across the borders. The latter concern was alleviated by assurance from the Chief Guest in the simultaneous launch at the recipient end in Naitasiri, Fiji. Attorney General Aiyaz Saiyed-Khaiyum said that the system was compliant. “I would like to report and assure you that the Central Bank has fully evaluated and tested this service against the backdrop of its payments systems and forex market rules and objectives, “Khaiyum told the guests in Fiji.
Knut’s concern in New Zealand was the high cost of remittance. “In the Pacific, the average cost of sending $200 is close to 20 percent and that does not include the cost of getting into town to pick up your funds, “he said. However the solution to this has been provided by Lotus Foreign Exchange, which according to its managing Director Pravin Kumar, remains one of, if not the cheapest in New Zealand. He assured that at Lotus Forex rate of any value transactions at $10 each, a $200 transfer would incur only 5 percent cost, while a $1000 transfer will incur only 1 per cent in remittance fee. Pravin was on hand in Naitasiri at the Fiji launch. This saving with Lotus Forex was reiterated by Kashmin Kumar, Director in Auckland launch, who was grateful for this opportunity to partner with UNDP and Vodafone to be of service to the people of Fiji in the innovative technology in transferring money at the cheapest rate to Fiji.
While Auckland City was teeming to launch the opening ceremony of Rugby World Cup, a small event in the heart of the city was destined to make history in bringing joy not only to rural population in Fiji like Vunidawa, but was going to be a forerunner for such innovative cheaper facilities in other Pacific countries. Indeed the launch of UNDP-Vodafone- Lotus Forex partnered M-PAISA in Auckland on 9 September 2011 would be fondly recalled like the opening ceremony of the 2011 Rugby World Cup on the same day in the same city.
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