The Reserve Bank of Fiji (RBF) has announced the commencement of the Credit Union Act 2025, which officially came into effect on March 1, 2026.
The Act has been passed in Parliament last December and follows extensive industry consultations carried out by the RBF and the Parliamentary Standing Committee.
Under the new Act, the Reserve Bank is now responsible for administering and performing all functions assigned under the legislation.
These responsibilities include the registration and licensing of entities engaged in credit union business.
The RBF said a 12-month transitional period, provided under section 169 of the Credit Union Act 2025, will allow time for credit unions and cooperatives to prepare for the new regulatory framework.
During this period, the central bank will begin engaging with relevant credit unions and cooperatives to ensure a smooth transition into the new system.
Credit unions and cooperatives currently undertaking credit union business have been advised to continue operating as normal during the transition period until the RBF finalises and approves its position on licensing and registration requirements.
