Credit unions in Fiji will be required to pay a $1,000 licence application fee under new regulations that came into effect on November 1, 2026.
The Credit Union (Licensing and Registration) Regulations 2026, published in the Government Gazette on October 30, introduce new licensing, registration, reporting and insurance requirements for credit unions operating in the country.
The previous fee for registration was $300.
The regulations were signed by Minister for Finance Esrom Immanuel on October 29 under the Credit Union Act 2025.
Under the new requirements, groups of 30 or more individuals seeking to establish a credit union must apply for a licence and pay the prescribed $1,000 application fee.
Groups of more than 20 individuals intending to operate a credit union must apply for registration, with a fee of $300.
The regulations also introduce annual renewal fees of $300 for licences and $90 for registrations.
Credit unions that fail to submit required reports on time will face a late filing fee of $5 for every day after the due date.
A replacement licence or registration certificate will cost $50.
The regulations also require credit unions with assets of less than $1 million to have a committee appointed by their members.
In addition, credit unions must obtain a blanket fidelity guarantee insurance policy to protect against losses arising from fraud, dishonesty, forgery, embezzlement, misappropriation and other specified misconduct involving officers, employees or committee members.
The insurance policy must clearly identify the insured credit union, coverage amount, applicable deductibles, period of cover, insurer and any exclusions.
The level of insurance coverage must be proportionate to the credit union’s risk exposure.
Existing credit unions operating under the Credit Union Act 2025 must also comply with licensing or registration requirements within the applicable transition period.
The regulations further empower the Reserve Bank of Fiji to waive all or part of certain fees in exceptional circumstances, subject to the conditions outlined in the legislation.
The new framework introduces formal regulatory requirements aimed at governing the licensing, registration and financial safeguards of credit unions in Fiji.
