Chairperson Mr. Mohammed Gani and Board Members,
Chief Executive Officer, Consumer Council of Fiji, Seema Shandil,
Representatives from Government Ministries,
Representatives from the Private Sector,
Esteemed Guests
Members of the media
Ladies and Gentlemen
Bula Vinaka and a Very Good Morning to you all!
I stand before you today with immense pride as we unveil a landmark report “Beyond
Access: Consumer Perspectives on Digital Finance in Fiji”- a comprehensive
study on Digital Financial Services (DFS) from the crucial perspective of our
consumers. Let me extend my heartfelt gratitude to the Board,CEO of Consumer
Council of Fiji and her team for spearheading this important initiative.
Ladies and Gentlemen,
The digital revolution is an undeniable force reshaping every facet of our lives,
including the way we transact.
In 2021, about 1.4 Billion adults were unbanked – without an account at a financial
institution or through a non-bank provider. At that time, 4.9 billion people did not have
access to online connectivity.
As at last year, it was estimated that 3.6 billion people are not connected to the online
world. This bridging of the digital divide is good news because it means that more
people are being connected and we can safely assume, even with this Report, that
more people now have access to such digital opportunities including digital financial
services than in the previous years.
For Fiji, in partnership with the Telecommunications Authority of Fiji and our ICT
sector, the government is steadfast in our commitment to expand broadband access
throughout Fiji to our underserved and unconnected communities.
We are also exploiting the advancements in technology such as the introduction of low
earth orbiting satellites like Starlink; the anticipated increase in submarine cable
networks with the Tabua and Bulikula cables and the upcoming Regional Internet
Exchange Point (IXP) in addition to our Fiji IXP.
The World Bank defines Digital Financial Services as “financial products and services,
including payments, transfers, savings, credit, insurance, securities, financial planning
and account statements that are delivered via digital/electronic technology such as emoney (initiated either online or on a mobile phone), payment cards and a regular
bank account.”
And as highlighted in the Report, we see how it empowers individuals to conduct
financial transactions, access financial products, and are able to manage their
finances more efficiently and effectively. This in turn promotes financial inclusion by
reaching underserved market segments, and drives innovation in the financial sector.
Ladies and Gentlemen,
With 1,104 respondents surveyed across all the four Divisions, this insightful Report
provides a number of important considerations for all stakeholders of this important
ecosystem.
Firstly, is the increased adoption of DFS. This is encouraging and the Government
remains committed to continue to provide an enabling, equitable, conducive and safe
digital environment.
We also see the dominant use of mobile wallets and the need for reliable, accessible
and stable connectivity. I am encouraged to note that 53.5% of the respondents for
this Report were female. And we will continue to prioritise the meaningful participation
of women and our marginalised communities. Last month, we saw the launch of the
Women Entrepreneurs Finance Code which is, when implemented, to remove existing
barriers.
Second, with the increased use of these digital tools, the providers of these tools, be
it the private sector or government must ensure that cybersecurity are embedded in
the design of these tools and not an afterthought. This is fundamental and tools needs
to be tested thoroughly before being deployed.
At a national level, we have laws such as the Cybercrime Act which combats
cybercrimes and promotes international collaboration as we see that most of these
cyber-enabled crimes are transboundary in nature. We saw in the news how a “$249-
a-month global phishing service that was used by hackers was taken down after nearly
a 3 year global law enforcement operation. The scam involved cybercriminals from
around the world, with 2000 cybercriminals subscribing to that service. Law
enforcement officials from 19 countries have shut it down.
Government is taking steps to accede to the Budapest Convention which is the only
international instrument to combat cybercrime and for swift international cooperation.
We have the anti-scam taskforce that was established last year which continues to
ensure that we mitigate and address the adverse impacts of scams in Fiji.
To ensure that we continue to bolster our cyber defences, we are undertaking our 2nd
Cybersecurity Maturity Model Assessment. This specific assessment tool is for
Countries and was developed by the University of Oxford and it is to holistically review
our cybersecurity posture and areas that we need to work on, given the evolving threat
landscape. In fact, Fiji was one of the first countries globally to use this tool in 2015
however given the evolving threat landscape, the 2nd assessment is timely.
Thirdly, for our people to be able to fully harness the opportunities that these digital
tools offer, we will continue to invest in comprehensive digital and financial literacy
programs that equip Fijians with the knowledge and confidence to navigate the
complexities of digital finance. According to the Microsoft 2023 Digital Defense Report,
99% of cyber attacks can be protected against with basic cyber hygiene. The
above example of the global scam operation, the cybercriminals used a platform to
trick victims into providing their personal information, such as online banking logins,
credit card details and passwords.
Among the victims were 94,000 Australians as reported in a media article.The platform
was impersonating more than 170 fraudulent websites, such as “reputable banks,
government entities and other major organisations”. Therefore, we all have a role to
play to ensure that correct information against such techniques and tactics is
disseminated widely and that as individuals, we are careful and asking the right
questions before we give our personal information.
We also need to ensure that these cyber hygiene practices and financial literacy
programs are being communicated in a way that is understood by the diverse
segments of our population and i note that work is done by different stakeholders in
this regard. With that, more needs to be done collectively.
Fourthly, as this report reiterates, consumer protection is paramount. We need clear
regulations and transparent practices to ensure consumers are treated fairly and have
access to effective redress mechanisms in case of disputes. This will foster a trustbased ecosystem where innovation thrives alongside responsible conduct.
The journey towards a vibrant and secure DFS ecosystem in Fiji requires a collective
effort. I call upon:
The Financial Services Industry: To develop innovative, user-friendly DFS
products and services that prioritize affordability and security while addressing
the unique needs of Fijian consumers.
● Consumer Protection Organisations: To continue playing a vital role in
educating consumers about DFS, their rights, and available resources to
navigate this digital landscape.
● The Technology Sector: To work collaboratively to ensure secure, reliable and
stable internet infrastructure reaches all corners of Fiji, bridging the digital divide
and creating a level playing field for DFS adoption.
● Every Fijian: To embrace the opportunities that DFS presents. Equip
yourselves with the necessary knowledge and skills to utilise these digital tools
services safely and effectively.
The report launched today is a testament to Fiji’s commitment to embracing innovation
for the betterment of our citizens.
This is a journey towards a sustainable future, a future where digital technology
empowers, financial inclusion thrives, and every Fijian has the opportunity to prosper.
Vinaka Vakalevu. Thank you very much.