Samoa Uses Remittances to Kick-Start Fintech Push

Remittances are a pillar of Samoa’s economy, accounting for roughly one-third of GDP in 2022, yet about half of its adults remain outside the formal financial system. The case for fintech rests on lowering the cost of moving diaspora money into local accounts and wallets. In June 2024, sending US$200 to Samoa cost an average 9.1% from New Zealand and 8.3% from Australia, well above international targets.

The World Bank approved a US$21 million grant, equivalent to WST57.6 million, on Oct. 28, 2024, to strengthen Samoa’s financial supervision, payments and digital-ID infrastructure. The project aims to help 8,500 people and businesses access services including remittances at lower cost and give 100,000 people digitally verifiable identification. On May 4, 2026, the Central Bank of Samoa separately approved FreedomPacific Samoa Limited to test its PacWallex wallet and TickTap Card in the regulatory sandbox.