Opening remarks delivered by the World Bank Division Director for the North and South Pacific, Stephen N. Ndegwa at the Pacific Fast Payments Workshop.
3 December 2025, Nadi, Fiji.
Distinguished Governors, Banking Commissioners, Deputy Governors, Assistant Commissioners, senior government officials, colleagues, and esteemed delegates
It is a great honor to join you today at the Pacific Fast Payments Workshop here in Nadi. On behalf of the World Bank, I extend our warmest welcome and sincere appreciation to our co-hosts, the Reserve Bank of Fiji, and to the Pacific Islands Forum Secretariat for their invaluable support in convening this flagship regional event.
I would like to especially acknowledge Governor Ariff Ali of the Reserve Bank of Fiji, whose leadership and vision have been instrumental in advancing Fiji’s payments modernization journey and in fostering regional collaboration.
Setting the Scene: Why Fast Payments Matter
I see this as a transformative moment – today and the next few years, but really, months --for the Pacific. And one that you can shape.
Around the world, fast payments, sometimes referred to as instant or real-time payments, are radically changing the way people, businesses, and governments transfer money, by providing real-time fund transfers and 24/7 availability. Today, more than 130 countries have implemented fast payment systems, and several more are preparing to do so. This widespread adoption is not just about technology, it is about empowering individuals, driving financial inclusion, and unlocking new opportunities for economic growth. It is more than technological advancement; it is an economic catalyst.
For example:
- GROWTH: Thailand’s PromptPay is expected to generate additional economic output equivalent to 2% of the country’s GDP in 2026, driven by productivity gains and job creation.
- SAVINGS: World Economic Forum estimates that Unified Payments Interface (UPI) has saved the Indian economy approximately $67.07 billion in the last 9.5 years, since its inception in April 2016.
- JOBS: Research by the Bank for International Settlements finds that a 1 percentage point increase in digital payment usage raises GDP per capita growth by 0.10 percentage points and reduces informal employment by 0.06 percentage points over two years (https://www.bis.org/publ/work1196.htm. This is a significant structural shift toward formal, better-paying jobs).
Pacific is already on this journey: Fiji, Australia and Samoa have already implemented fast payment systems, while other island nations are actively planning their own.
The Question is: How do we bring everyone to the benefits of fast payments? And do so, while recognizing unique challenges in each country?
The Role of Central Banks and other relevant authorities
The World Bank’s data shows that in many jurisdictions, central banks have propelled or directly led the implementation of fast payment systems. Central banks occupy a unique and multifaceted position in the development and oversight of fast payment systems.
As operators, central banks often lead the design and implementation of the core payment infrastructure, ensuring that systems are secure, resilient, and accessible.
As catalysts, central banks drive innovation by setting strategic priorities, convening stakeholders, and fostering collaboration across the financial sector.
As overseers, central banks ensure the smooth operation of fast payment systems in line with international oversight standards.
The leadership and vision of central banks are therefore essential to realizing the full potential of fast payments in the Pacific and beyond.
The World Bank’s Commitment, Working with Others/Partnership
At the World Bank, we are proud to continue the long history of support in building national payments systems in the Pacific, particularly through the CBR project, and our global flagship engagement on fast payments, Project FASTT.
We cannot do this alone – without you our Partners. Especially through platforms such as the Pacific Derisking Group, working with your authorities, other development partners such as IMF, ADB, and other stakeholders.
A Call to Action
As we embark on this workshop, let’s work together to unlock fast payments’ potential for inclusion and growth across the Pacific.
Thank you for your leadership, your vision, and your commitment to building a brighter financial future for our region.
[ENDS]
