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 e-money (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 trust-based 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.