- Vodafone and Ria Money Transfer just signed a partnership agreement
- Vodafone users in Fiji can now receive funds from friends and family in Australia and New Zealand
- Ria Money Transfer is working on expanding its reach in the region
A statement issued by Vodafone stated that the telecommunications giant just inked a deal with Ria Money Transfer, a subsidiary of Euronet Worldwide.
The agreement with the payments specialist makes it possible for people in Fiji to receive funds sent from New Zealand and Australia in seconds. The funds go straight to their bank accounts, says Ria Money Transfer’s executives. Recipients can also pick up their cash in physical locations.
The fintech operates in over 150 countries allowing its users to transfer money internationally without having to go to a physical location. The brand has more than 700 brick and mortar remittance centres in Australia and New Zealand though, a move that allows Ria to serve more than just digital natives. Ria Money Transfer’s walk-in outlets are located in shopping malls and major suburbs in Australia and New Zealand. Iin other places around the world, Ria offers mobile-based payments and transfers and all users need to do is to download their app.
A Milestone
According to Vodafone, its partnership with the money transfer brand is a milestone as it makes it easier for their subscribers to receive funds from relatives in New Zealand and Australia. The overseas transfer rates at Ria are also quite affordable, according to Vodafone representatives, making it an attractive addition to their services.
“We are very excited to welcome Vodafone Fiji to the Ria Money Transfer network. At Ria, we shorten the distance between families and their loved ones through our world-class money transfer system” said Nik Maricic, the Marketing Manager at Ria Money Transfer’s Australia and New Zealand Division.
Now a Remittance Country
One of Fiji’s top foreign exchange earners are personal remittances, based on a report by The Fiji Times. In fact, records show that remittances grew by 8.5% this year. Remittances play a crucial role in Fiji’s growth, according to reports as many Fijian households rely on these transfers. Statistics show that funds received by Fiji are gifts or donations while others are from relatives and friends living abroad.
The country is traditionally a non-remittance country but as thousands left the country to find work abroad, remittance inflow slowly grew. Remittances became one of the largest sources of income for many Fijians by 2004 and has maintained its steady growth since then. The Reserve Bank of Fiji says that the country is no a remittance country, joining its neighbours Samoa and Tonga.
While the growth in remittances became more noticeable in 2004, the country still received some money from abroad decades before. In fact, the Reserve Bank notes that its growth started in the late 1990s.
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