, businesses ) so that they can pay and be paid. at a national level, the system should create efficiency and network effects, promote seamless linkages, manage risks, foster innovation, promote financial inclusion, protect consumers and ultimately support monetary policy and financial stability. honourable members, i will next talk a bit about rbf ’ s responsibilities in relation to the national payment system. 1 / 4 bis central bankers'speeches the rbf and the nps apart from its other roles, the rbf is responsible for the soundness of fiji ’ s financial system or what we term financial system stability. since payments systems form an integral part of the financial system it is critical that the rbf has the necessary powers to approve, monitor and regulate the various payment systems. any breakdown in reliability, efficiency and safety of our payments systems and the delivery of payments will have critical repercussions on the financial system. since payments form the foundation of all financial transactions, the failure of a particular payment system to deliver payments means that businesses may not be able to buy or sell their goods, individuals will not be able to receive their salaries or make retail purchases and government will not be able to receive taxes, purchase public goods or pay out social benefits. this poses the question of reliability and credibility of the payment systems and affects the operations of commercial banks and financial markets as a whole. where such payments are large, these can lead to instability in the financial system. this is why payment system stability is central to the oversight function of central banks all around the world. in this regard, the rbf has taken the lead role in drafting this bill. in carrying out our role of ensuring financial stability, the rbf has guided and noted a number of significant developments in fiji ’ s payment systems landscape over the years. a few highlights include : the introduction of fijiclear in 2007. fijiclear is the country ’ s real time gross settlement system ( rtgs ) which settles large value interbank and customer transactions. fijiclear transactions have increased seven - fold since the service was introduced over twelve years ago i. e. from around 20, 000 transactions to over 140, 000 annually. in the last decade, the volume of atm transactions doubled from 12. 6 million transactions per year in 2010 to 23. 2 million at the end of 2019. similarly, eftpos transactions have tripled since 2010, from 1. 8 million transactions to 5. 4 million at the end of 2019. in the

##d fiji has accomplished in its short life in our country. in just 12 months of operations, the company has been able to provide some form of financial service to almost 3, 000 women. the range of activities, in which the entrepreneurs are involved, signifies how innovative women are in ensuring a sustained livelihood for themselves and their families. spbd fiji clients have saved about $ 300, 000 and have taken out $ 2. 3 million as loans to start or expand a small business. it is also pleasing to note that spbd has maintained an excellent repayment rate of no less than 97 percent. this is a tremendous outcome and it speaks volumes for the company ’ s policies and procedures and relationships with the lady clients. ladies and gentlemen, today, we shall also witness a showcase of how entrepreneurship development through microfinance has changed the lives of women. i congratulate the finalists of the spbd businesswoman of the year awards, for serving as living inspiration to all the ladies here. to all you businesswomen, i salute you for taking that extra step to improve your lives and the lives of your loved ones. i understand spbd has partnered with other institutions in providing better services to its clients. an example is its partnership with westpac in the provision of financial literacy sessions in the villages. recently, spbd has partnered with the life insurance corporation of india to provide microinsurance coverage for its members at very affordable cost and with simple, easily understood procedures. very soon, spbd clients will also be able to repay their loans and build their savings through vodaphone ’ s mpaisa mobile phone payment system. spbd has been working tirelessly to ensure that its clients are getting the best services available. in the coming years, we look forward to spbd expanding its services not only across the whole island of viti levu, but also to the other islands, including vanua levu and even the smaller islands. i understand the company has an ambitious target of reaching 15, 000 clients by 2015. i certainly wish spbd the very best in achieving this vision. conclusion ladies and gentlemen, in concluding, i would just like to say that it is important for us in the reserve bank to be acquainted with, and be a part of, the ongoing initiatives, developments and future prospects in fiji ’ s microfinance sector. as a regulator we try our best to create an enabling environment for microfinance to thrive in