E-money companies to register yearly

The Reserve Bank of Fiji building in Suva. Picture: JONACANI LALAKOBAU

E-money service providers in Fiji will need to register annually with the Reserve Bank of Fiji and pay a fee, states the proposed National Payment System Regulations 2022.

The RBF was seeking submissions on the proposed regulation that would govern the operations of companies that would deal in domestic money transfer service, cross-border money transfer service, merchant acquisition service and companies that issued e-money to allow the user to pay merchants or transfer to another individual.

For an operator of a payment system in Fiji with a minimum capital of $200,000, the annual licence fee would be $20,000.

A company that would offer e-wallet services or a non-bank issued credit card would be required to have a minimum capital of $100,000 and pay an annual fee ranging from $10,000-$20,000, depending on the monetary value of transactions.

A company that would provide local funds transfer service in Fiji that would include payment gateway services and payment kiosk services would pay an annual fee of $1000 on monetary value of transactions less than $2 million, and $3000 if the monetary volume of transactions exceeded $10 million.

The annual fee for companies that would provide inbound or outbound remittance services in Fiji started at $2000 for monetary value of transactions less than $2 million, and $10,000 for monetary value of transactions $100 million and above.

Companies that would issue e-money to allow the user to pay merchants or transfer to another individual would also pay an annual fee of $2000 for monetary value of transactions less than $2 million, and $10,000 for monetary value of transactions $100 million and above.

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